Market News

Midday cash livestock markets

A few bids have been posted in cattle country on Tuesday at 104.00 in Kansas and Texas. A few asking prices have been noted at 110.00 in the South. Although many packers have started the week short bought it looks like significant business could be delayed until the second half of the week.

Boxed beef cutout values ae higher in the morning report. Choice beef is up 1.74 at 188.78, and select 180.12, up .47.

Firm gains in boxed beef values on Monday is pointing to additional support drawing higher prices to the market despite the dip in cash cattle prices last week. The potential support in beef values may continue through the rest of the week.

Feeder cattle receipts at the Oklahoma National Stockyards on Monday totaled 5,200 head. Compared to last week, feeder steers and heifers were 5.00 to 8.00 lower, with the exception of cattle over 850 pounds mostly steady. Steers calves were steady to 5.00 lower, the decline was on un-weaned calves. Heifer calves over 500 pounds were 4.00 to 10.00 lower, under 500 pounds mostly steady. Feeder steers medium and large 1, calves weighing 625 pounds brought 131.51 per hundredweight. 705 pound heifers traded at 130.70.

Barrows and gilts in the Iowa/Minnesota, Western and national direct trade areas are not reported due to confidentiality. Missouri direct base carcass meat price is steady from 45.00 to 47.00. Midwest hogs on a live basis are steady from 29.00 to 36.00.

The pork carcass cutout value is down .90 at 77.71 FOB plant.

Cash hog prices are expected to continue to erode with aggressive packer procurement schedules once again focusing on maintaining extremely profitable margins. Cash spending continues to remain steady to weak with easy access to any and all needed hogs to meet daily chain speeds.