Market News

Midday cash livestock markets

The Fed Cattle Exchange Internet Auction had 2,548 head listed on Wednesday. 1333 head sold, with 1086 head with a 1-9 day delivery at a weighted average of 132.54, last week’s weighted average for the same delivery time at 135.16. The balance of the offering for 1-17 day delivery averaged 132.50. Private sources are reporting a few bids on cattle in the South at 130.00 on a live basis. Early asking prices are around 136.00 to 138.00 in the South and 215.00 plus in the North. It is possible some trade may develop later today.

Boxed beef cutout values are mixed in the morning report. Choice beef 145.82, up .18, select 230.35, down .82.

Fat cattle receipts at the Manchester, Iowa Livestock Auction INC. totaled 689 head on Tuesday. Beef steers and heifers were $5.00 lower, Holstein steers traded at steady money. Feeder steers high yielding prime and choice ranged from 136.00 to 140.00. The same quality heifers from 136.00 to 138.00. Holstein steers brought 107.00 to 113.00 per hundredweight.

Feeder cattle receipts at the Ozarks Regional Stockyards at West Plains, Missouri totaled 4547 head. Compared to last week, steer and heifer calves traded steady to 6.00 higher with spots of 10.00 higher. Yearling steers traded 3.00 to 6.00 higher with yearling heifers lightly tested. Demand was good on a heavy supply. Several pot load offerings attracted an abundance of buyers that kept the market active throughout the day. Feeder steers medium and large 1 weighing 620 pounds brought 167.43 per hundredweight. 619 pound heifers averaged 142.42.

Barrows and gilts in the Iowa/Minnesota direct trade are .02 higher, the West is up .13 with both at 71.66 weighed average on a carcass basis. Nationally the hog market is .44 lower at 70.77. The Missouri direct base carcass meat price is 1.00 higher at 64.00.

Pork carcass cutout values are up .33 at 96.63 FOB plant.

Late spring pork demand really seems to be on a roll. The cutout surged sharply higher again on Tuesday afternoon, powered by stronger demand for all primals except the loin.

Given the fact that U.S. and China beef negotiations seem to be developing nicely, with some believing U.S. exporters will be shipping beef to China as early as late June, it is possible that U.S. pork shipments could be checked to some extent as China realigns its red meat mix.