Market News

Midday cash livestock markets

There are a few bids on the cattle on Wednesday, but in the South they are now lower than when they started. Bids in Kansas and Texas started out at 130.00, but have now backed down to 128.00. Thanks in part to sharply lower futures. A light trade took place in some areas yesterday. Southern live trade was at 132.00 to 134.00, $3.00 to 5.00 lower than last week, while Northern dressed deals were marked at 215.00 to 217.00, mostly 215.00 to regionals, $2.00 to 4.00 lower. Asking prices are around 132.00 in the South, and 213.00 plus in the North.

Boxed beef cutout values are higher in the morning report, choice beef 251.70, up .51, select 222.10, up .65.

Fat cattle receipts at the Manchester Iowa Livestock Auction, INC. totaled 513 head on Tuesday. Beef steers and heifers were $7.00 lower. Holstein steers were steady to weak. High yielding prime and choice steers and heifers ranged from 137.00 to 141.25 per hundredweight. Holstein steers brought 108.00 to 113.00.

Ozarks Regional Stockyards at West Plains, Missouri had receipts of 2,276 head of feeder cattle on Tuesday. Compared to last week, steer calves under 500 pounds traded 7.00 to 14.00 lower with heavier weights and yearling steers 4.00 to 7.00 lower. Heifer calves were steady to 5.00 lower. Demand was good on a moderate supply. Feeder steers medium and large 1 averaging 722 pounds brought 148.58 per hundredweight. 671 pound heifers traded at 142.70.

Barrows and gilts in the Iowa/Minnesota direct trade and the west are not reported due to confidentiality. Nationally the hog market is 1.18 higher at 81.00 weighted average on a carcass basis. Missouri direct base carcass meat price is steady from 69.00 to 70.00. Midwest hogs on a live basis are steady to 2.00 higher ranging from 51.00 to 56.00.

The pork carcass cutout value is .04 lower at 94.93.

The cash hog market exploded higher on Tuesday with the direct trade more than $2.00 higher. Bullish fundamentals continue to build, a fact that should spur soon to be spot July lean futures to keep leading cash higher.