Market News

Midday cash livestock markets

Cattle buyers have started the week quite close to the knife given last week’s slow round of procurement. Furthermore new showlists distributed on Monday look no larger than last week. Beef packer margins tightened a good deal last week, checking procurement initiative. Perhaps more significantly their shopping list this week is clearly shortened given reduced slaughter needs immediately before and after Thanksgiving.

Boxed beef cutout values are higher in the morning report. Choice beef is up .50 at 184.42, select 169.01, up 1.29.

Feeder cattle receipts at the Tri-State Livestock Auction at Mc Cook, Nebraska totaled 2400 head. Compared to last week, steers trended steady to 6.00 lower and heifers were 2.00 6.00 higher. There was no comparison on yearling cattle. The demand was good on all weights. Feeder steers medium and large 1 averaging 880 pounds brought 132.21 per hundredweight. Heifer mates weighing 880 traded at 129.00.

At the Joplin, Missouri Regional Stockyards on Monday 4,843 cattle went through the sale ring. Compared to the previous week, steer and heifer calves weighing less than 400 pounds trended 8.00 to 15.00 higher, steer calves over 400 pounds were 2.00 to 7.00 higher, heifer calves over 400 pounds steady to 2.00 higher. Yearlings were steady to 3.00 higher. Demand was good on a moderate supply. There were several more wean-vac calves in the offering than previous sales. Feeder steers medium and large 1 weighing 528 pounds averaged 139.43 per hundredweight. 624 pound heifers traded at 122.55.

Rock Valley, Iowa Hay Auction on Monday had 27 loads. The market was about steady with last Thursday’s sale, corn stalks were a little lower. Alfalfa, premium quality in large squares and rounds brought 102.50 to 107.50 per ton. Good large squares and rounds traded at 92.50. Alfalfa/grass mixed in good large rounds ranged from 87.50 to 97.40 per ton. Large rounds of cornstalks traded from 35.00 to 40.00.

Barrows and gilts in the Iowa/Minnesota direct trade are .37 lower at 40.56 weighted average on a carcass basis, the West is .43 lower at 40.40, and nationallly the hog market is down .67 at 40.07. Missouri direct base carcass meat price is steady from 36.00 to 37.00. Midwest hogs on a live basis are steady from 22.00 to 30.00.

The pork carcass cutout value was down .26 at 73.97 FOB plant. Bellies were lower, but hams were higher.

The strengthening of the U.S. dollar as the probability of higher late year interest rates increase represents bad news for U.S. exports of pork, beef, and chicken according to DTN.