Market News

Midday cash livestock markets

The Fed Cattle Exchange Internet Auction on Wednesday had 3,928 cattle listed, 2,195 head sold. This week’s weighted average price was 133.35, last week the average was 128.95. The top price paid was 136.50 on 246 head out of Nebraska. So far the feedlot trade is slow to start, but if the pattern of the last several weeks holds true, we may see some business develop after the Exchange Auction. Current asking prices are around 130.00 to 131.00 in the South, and 214.00 in the North.

Boxed beef cutout values are mixed. Choice beef 223.43, down 1.50, select 216.96, up 1.55.

The Ozarks Regional Stockyards at West Plains, Missouri had receipts of 4,570 feeder cattle on Tuesday. Compared to last week steer and heifer calves under 600 pounds traded 4.00 to 8.00 higher, with heavier weight calves and yearlings steady to 3.00 higher. The demand was very good on a heavy supply, including several pot loads of yearling steers and heifers. The USDA Comprehensive Boxed Beef report shows wholesale prices have increased for several weeks. Demand looks to continue to improve as we enter the grilling season with plenty of inventory available. Feeder steers medium and large 1 averaging 678 pounds traded t 141.06 per hundredweight. 670 pound heifers averaged 125.42.

Manchester, Iowa Livestock Auction, INC. had receipts of 609 head of slaughter cattle on Tuesday. Beef steers and heifers were 1.00 higher, Holstein steers were up 3.00 from last week. High yielding prime and choice steers ranged from 133.00 to 138.75. Heifers 133.00 to 139.00 per hundredweight. Holstein steers ranged from 98.00 to 104.00.

Barrows and gilts in the Iowa/Minnesota direct trade and the West are not reported due to confidentiality. Nationally the direct hog market is 1.13 lower at 65.05. Missouri direct base carcass meat price is steady 1.00 higher from 58.00 to 61.00. Midwest hogs on a live basis are steady from 40.00 to 42.00.

The pork carcass cutout value is down 1.57 at 79.39 FOB plant. All cuts were lower with loins down the most.

Wednesday’s cold storage report is expected to document 15% less frozen pork as of the end of February than last year. Also, most analysts predict record low belly stocks.

In anticipation of next week’s Hogs and Pigs report, short covering and position evening prior to the official numbers should be somewhat supportive of deferred lean futures, according to DTN analysts.