Market News

Midday cash livestock markets

In somewhat of a surprise a light cattle trade was reported in Nebraska yesterday, any level of country business on Monday is noteworthy especially when sharply lower prices are involved. On Tuesday morning DTN is reporting sales in parts of Nebraska at $175.00, $2.00 lower than Monday’s light scattered trade, and $6.00 lower than last week’s weighted average. Asking prices in other parts of feedlot country have yet to be fully established. Despite the early trade’s significant business is not expected until later in the week. Feedlot selling is less likely to surface in the near term if futures manage to display greater stability.

Boxed beef cutout values are lower in the morning report. Choice beef is down .83 at 197.59, and select 191.50, .84 lower.

Feeder cattle receipts at the Joplin, Missouri Regional Stockyards totaled 3,783 head on Monday. Feeder steers and heifers trended 4.00 to 8.00 lower than last week. The supply and demand was moderate. With nearby feeder cattle contracts down $3.78 last week, and another .85 on Monday, cash feeder prices continued to slide backward. Feeder steers medium and large 1 averaging 666 pounds averaged 143.77 per hundredweight. 704 pound replacement heifers brought 132.50.

At the Rock Valley Hay Auction in Iowa all classes of hay sold mostly steady, with a firm undertone noted for alfalfa. Premium quality alfalfa in large rounds and squares traded at 100.00 to 112.50 per ton. Good large rounds and squares brought 77.50 to 97.50 per ton. Good large rounds of grass traded from 92.50 to 100.00.

Barrows and gilts in the Iowa/Minnesota and Western direct trade areas are not reported due to confidentiality. Five day rolling averages range from 61.91 West to 62.01 IA/MN. Nationally the direct market is 1.07 lower at 58.90 weighted average on a carcass basis. Missouri direct base carcass meat price is steady to 2.00 lower from 54.00 to 56.00. Midwest hogs on a live basis are steady to 1.00 lower from 35.00 to 50.00. Sows are steady from 45.00 to 50.00.

The pork carcass cutout value is down .28 at 76.86 FOB plant. Bellies were down 4.25, but ribs and loins were higher.

With the pork cutout now trading more than ten-dollars over the cash hog index, packer margins look quite attractive, easily cash supportive if country numbers turn more manageable, even if just temporarily in September.