Market News

Midday cash livestock markets

Cattle buyers and sellers are starting the day on Wednesday in a cautious frame of mind anxious about the board’s ability to build on Tuesday’s turnaround. There was a moderate to active trade in the North, and light to moderate trade in the South on Tuesday. Dressed deals ranged from 172.00 to 175.00, $6.00 lower than last week’s weighted average basis Nebraska. Live sales were 5.00 lower at 110.00. Asking prices on cattle left on the showlists are around 113.00 to 115.00 live and 178.00 to 180.00 dressed.

Boxed beef cutout values in the morning report are lower with choice beef down .43 at 196.19, and select 190.49, down .68.

Feeder cattle receipts at the Ozarks Regional Stockyards at West Plains, Missouri totaled 1,667 head on Tuesday. Steer calves traded 5.00 to 10.00 lower with yearling steers steady to 2.00 lower. Heifer calves were 3.00 to 5.00 lower with the undertones on lightly tested yearling heifers steady to weak. Nearby feeder futures fluctuated 6.75 during the sale and closed 3.58 higher, leaving those selling later in the day a little less disappointed. Demand was moderate early in the day and improved throughout the sale. Feeder steers medium and large 1 averaging 767 pounds brought 121.72 per hundredweight. 656 pound heifers at 126.93.

Slaughter cattle receipts at the Manchester, Iowa Auction totaled 756 head on Tuesday. Compared to last week Beef steers, Holsteins and heifers all traded 6.00 lower. High yielding prime and choice steers and heifers ranged from 109.00 to 112.00 per hundredweight. Holstein steers brought 96.00 to 101.25.

Today could be the last push of hogs before the long holiday weekend. The Saturday hog kill is expected to total close to 85,000 head. Barrows and gilts in the Iowa/Minnesota direct trade are 2.71 lower at 57.66 weighted average on a carcass basis, the West is 2.34 lower at 58.09, and nationally the market is down 1.36 at 58.47. Missouri direct base carcass meat price is steady from 54.00 to 56.00. Midwest hogs on a live basis are fully steady from 37.00 to 50.00.

The pork carcass cutout value is down .07, $77.34 FOB plant. All cuts are moderately slower.

Despite the fact that lean hog contracts have moved back toward the top of the lateral trading range, the structure of the futures market is bearish with the spot October contract discounted to the index while the December contract remains discounted to October.