Market News

Midday cash livestock markets

The late month fed cattle offering appears to be smaller than last week with only Nebraska distributing larger showlists on Monday. It is a typical Tuesday in cattle country with bids and asking prices not yet established. Significant trade volume will most likely not develop until sometime Wednesday or later. But with the holiday weekend ahead both sides may want to complete trade as early as possible.

Boxed beef cutout values were mixed in the morning report. Choice beef 246.46, down 1.42, select 223.15, up .32.

Joplin, Missouri Regional stockyards on Monday had receipts of 6,023 feeder cattle. Compared to last week, steers and heifers of all weights sold unevenly steady, with price ranges of most weights of cattle trading within a dollar or two on either side of last week’s spreads. Solid gains on the Chicago Mercantile Exchange lent some support as futures gained back a little of the significant losses experienced the past couple of weeks. The supply was moderate with moderate to good demand. Feeder steers medium and large 1 averaging 619 pounds traded at 164.76 per hundredweight. 618 pound heifers averaged 143.61.

Barrows and gilts in the Iowa/Minnesota direct trade opened 1.02 lower at 69.80 weighted average on a carcass basis, the west was .94 lower at 69.81, and nationally the market is up .21 at 70.71. The Missouri direct base carcass meat price is steady to 1.00 higher from 64.00 to 66.00. Midwest hogs on a live basis are steady to 2.00 lower from 47.00 to 50.00.

The pork carcass cutout value is 1.78 higher in the morning report at 90.49 FOB plant. Ribs are 10.07 higher.

Given the fact that pork processors are planning to laughter virtually nothing on Saturday, their appetite for live inventory is likely to peak early in the weak.

The pork carcass value jumped sharply higher on Monday thanks primarily to better demand for fresh cuts and bellies.