Market News

Midday cash livestock market

The cash cattle market was lower last week with live business at 115.00 and dressed business mostly 181.00 to 182.00. On Thursday sinking futures caused buyers to pull back bids and 179.00 was the best dressed money paid in the North, by Friday a few deals in Iowa were reported at 175.00. Slaughter cows and bulls were mostly steady this past week. Cutter cow carcass cutout value at the close on Friday was 172.83 down 1.41 from the previous week. The main item of business in cattle country on Monday is the distribution of the new showlists.

Boxed beef cutout values are lower in the morning report. Choice beef 198.91, down .57, select 102.97, down 60.

At the Oklahoma national Stockyards on Monday receipts totaled 6,500 head. Compared to last week. Feeder steers and heifers are trading 5.00 to 10.00 lower in the early rounds. Steer and heifer calves were lightly tested, but a much lower undertone was noted. The demand is mostly light to moderate. Feeder steers medium and large 1weighing 750 to 800 pounds averaged 140.50 per hundredweight. 700 to 750 pound heifers’ traded from129.50 to 132.50.

The National Feeder and stocker cattle summary for last week reported sales of 249,000 head, substantially higher than the previous week. Feeder steers and heifer sold $4.00 to 6.00 lower. Pressure increased all week as Chicago Mercantile Exchange futures turned downward and continued the trend for most of the week. The feeder supply was moderate with a pretty wide variance of the spectrum available once again the past week, both in quality and quantity. With grain harvest just around the corner and the onset of the fall run, buyers were eager to get cattle bought at current values. 6 to 7 weight steers in the North central region averaged 158.82 per hundredweight, last year at this time they brought 228.64. South central region 6 to 7 weights at 148.88 per hundredweight. Last year the average was 218.04.

Barrows and gilts in the Iowa/Minnesota and Western direct trade areas ae not reported due to confidentiality, five day rolling averages ranged from 62.07 to 62.47. Nationally the hog market is 1.26 lower with a weighted average of 59.43 on a carcass basis.   Missouri direct base carcass meat price is steady to 1.00 lower from 54.00 to 58.00. Midwest hogs on a live basis ae fully steady from 35.00 to 50.00. Sows are steady from 46.00 to 60.00.

The pork carcass cutout value in the morning report is up .85 FOB plant 77.24. All cuts are moderately higher.

The question going forward is not how much of a rally the hog market might be able to post near-term as it is how low prices may get this fall. Supplies are going to be record large, and packer capacity will be tested, and both domestic and export demand is highly uncertain.