Market News

Midday cash livestock markets

Cattle country is quiet on Monday with the action limited to the distribution of the new showlists. Last week’s trade took place on Wednesday. While feedlot managers will naturally start out in a bullish frame of mind, ready to price showlists at least several dollars higher, few seem wild enough to expect a price surge equal to the bullish momentum of last week. Analysts at DTN expect the fed offering to be steady to somewhat larger than last week.

Choice boxed beef cutouts are 1.61 higher at 240.48, select beef 221.54, up 1.97.

Feeder cattle receipts at the Joplin, Missouri Regional Stockyards totaled 7,500 head today. Compared to last week, steer and heifer calves were steady to 5.00 higher. Yearlings steady on a limited test. Demand was good on a heavy supply. Feeder steers medium and large 1 weighing 600 to 650 pounds brought 165.00 to 171.50 per hundredweight. Heifers weighing 600 to 650 pounds traded from 147.00 to 150.00.

Superior Livestock Video Auction had offerings of 29,000 head last week. Compared to the last sale on April 21, feeder steers and heifers were 5.00 to 10.00 higher on limited current sales. The demand was good to very good. South Central States feeder steers medium and large 1 weighing 750 pounds for May-June delivery brought 155.00 per hundredweight. Heifers for May-June delivery weighing 770 pounds traded at 143.08. North Central states 800 pound steers for June delivery brought 160.50. Heifers weighing 710 for current delivery at 152.00.

In Iowa last week a good number of producers are sold out of hay and are not going to make first cutting until the middle of May. Many growers held on to their hay through the winter, but now are selling to allow more space in anticipation of the first cutting in the coming weeks. Premium small squares of alfalfa brought 200.00 to 240.00 per ton. Good large squares at 135.00 per ton. Good large rounds of grass 100.00 to 110.00 per ton.

Barrows and gilts in the Iowa/Minnesota direct trade are up 1.58, the West is 1.74 higher with both at 66.70 weighted average on a carcass basis, and nationally the market is up .54 at 64.78. Missouri direct base carcass meat price is steady to 4.00 higher from 52.00 to 60.00. Midwest hogs on a live basis are 2.00 to 4.00 higher from 40.00 to 48.00.

The pork carcass cutout value is 78.57, up .83 FOB plant in the morning report.

Although the weekly hog kill is now expected to seasonally decline through the balance of the quarter, no one is predicting that chain speed will fall below 2016. Furthermore, mounting beef production through the same period of time could easily work to check the potential pork value appreciation.

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