Market News

Midday cash livestock markets

This week’s cattle showlists are likely to show more ready cattle thanks to last week’s slower movement with unsold steers and heifers carried over. Furthermore the strong basis and wider spreads will encourage feeders to pull cattle forward, which may augment near term supplies.

Boxed beef cutout values in the morning report are higher, Choice beef 188.14, up .51, select 187.04, up 1.39.

At the Joplin, Missouri Regional Stockyards on Monday receipts totaled 5,000 head. Compared to last week, steer calves were steady to 3.00 higher, heifer calves weighing less than 500 pounds steady to 5.00 higher, over 500 pounds steady, yearlings were not well tested early. Demand was good on a moderate supply. Feeder steers medium and large 1 weighing 550 to 600 pounds brought 148.00 to 154.00 per hundredweight. 550 to 600 pound heifers traded from 126.00 to 135.00.

The Erickson, Nebraska Livestock Auction had receipts of 4790 cattle on Saturday. Compared to last week, steers weighing 500 to 800 pounds sold steady to 4.00 higher, and heifers 500 to 800 pounds traded steady to 2.00 higher. Demand was good from the buyers in the crowd with internet activity noticed. Feeder steers medium and large 1 averaging 624 pounds brought 155.77 per hundredweight. 676 pound replacement heifers averaged 124.41.

Hay prices in Iowa remained steady last week. Demand was slowed slightly but producers are predicting an increase in demand this week. Alfalfa in premium small squares traded from 150.00 to 190.00 per ton. Alfalfa/grass in large squares 100.00 to 120.00 per ton.

Barrows and gilts in the Iowa/Minnesota direct trade are .64 lower, the West is down .67 with both at 70.55 weighted average on a carcass basis. Nationally the hog market is .92 lower at 69.80. Missouri direct base carcass meat price is steady to 1.00 higher from .59 to 62.00. Midwest hogs on a live basis are steady from 44.00 to 52.00.

The pork carcass cutout value is .58 higher at 85.67 FOB plant. Only the belly primal is higher, up 4.60.

Processing pork demand remains very strong, encouraging packers to keep pouring the coals to chain speed, supporting the tightening country trade in the process, according to John Harrington at DTN.