Showlists appear larger than last week
Cattle country was quiet on Monday afternoon with both bids and asking prices poorly defined. The new showlists appear to be generally larger than last week especially in Kansas and Nebraska. The fact that futures continue to spin lower may delay the development of asking prices with producers waiting for signs of greater market stability before pricing inventory. The kill totaled 117,000 head, even with a week ago, but 7,000 more than last year.
Boxed beef cutout values were weak on choice and higher on select on light to moderate demand and offerings. Choice beef was down .38 at 249.46, select was 1.56 higher at 221.36.
Feeder cattle receipts at the Joplin, Missouri Regional Stockyards totaled 4,000 head on Monday. Compared to last week, steers and heifers opened weak to 5.00 lower. Sharp losses early in the futures market pressured the feeder cattle trade. The supply was moderate with moderate demand. Feeder steers medium and large 1 weighing 500 to 600 pounds brought 154.00 to 163.00 per hundredweight. 5 to 6 weight heifers averaged 139.00 to 148.00.
Chicago Mercantile Exchange live cattle contracts settled 1.30 to 2.07 lower as triple digit losses continued to hold. The weakness in the market held through the session even through prices pulled away from session lows. Volume was light to start the week.
Feeder cattle ended futures trade on Monday 1.12 to 2.87 lower. Traders focused on the pressure in the live cattle market. There was an inability to focus on long term support in order to bring additional interest back into the nearby contract month.
Lean hogs settle unchanged to 2.60 higher as strong moves were present through the hog trade as buyers concentrated on fundamental and technical support through the complex. This helped to spark increased buyer support to move into the summer and fall contract months.
Barrows and gilts in the Iowa/Minnesota direct trade closed 1.23 higher, the West was up 1.39 with both at 86.47 weighted average on a carcass basis, and nationally the hog market was up .01 at 85.44. Missouri direct base carcass meat price was steady to 4.00 higher at 74.00. Illinois direct trade hogs on a live basis were firm from 54.00 to 59.00.
The pork carcass cutout value was up .94 at 96.57 FOB plant.
Fears of expanding hog slaughter and pork tonnage in the fourth quarter and into 2018 will keep commercials on the defensive, geared to be on the lookout for rallies and seeing them as selling opportunities.
The Monday hog kill was estimated at 430,000 head, 19,000 greater than last week and 11,000 more than last year at this time.
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