Market News

Midday cash livestock markets

Bids and asking prices on the feedlot cattle are not well established. Some market watchers seem to think Southern steers and heifers will start out being priced around 128.00 per hundredweight. Expectations are short bought packers will have to shop earlier in the week given last week’s smaller trade volume totals and the need to fund relatively large beef orders booked late month.

Choice boxed beef was 2.06 higher at 209.52 in the morning report, select beef 201.62, up 5.02.

Feeder cattle receipts at the Joplin, Missouri Regional Stockyards on Monday totaled 6,118 head. Compared to last week, the market closed steady on steer and heifer calves, and steady to 3.00 higher on yearlings. The demand was moderate to good on a moderate supply. Live and feeder cattle futures continued to show positive gains giving support to the feeder cattle trade on Monday. Feeder steers medium and large 1 averaging 667 pounds traded at 151.73 per hundredweight. 532 pound heifers brought 139.76.

The Sioux Falls Regional Livestock at Worthing, South Dakota had 3,331 cattle on Monday. Compared to last week, feeder steers under 900 pounds were 3.00 to 6.00 higher, except 6 to 7 weights steady, over 900 pounds steady to 2.00 lower. Feeder heifers were 3.00 to 6.00 higher. There was very good demand for light fleshed cattle suitable for backgrounding and for heavier weights bound for feed yards. Feeder steers medium and large 1 averaging 765 pounds traded at 142.25 per hundredweight. 782 pound heifers brought 127.03.

Rock Valley Iowa Hay Auction on Monday had 44 loads. Compared to last week, the market was mostly steady. Good large squares of alfalfa brought 107.50 per ton. Large rounds at 110.00. Large rounds of good quality grass brought 70.00 to 80.00 per ton.

Barrows and gilts in the Iowa/Minnesota direct trade opened 1.83 lower at 56.89 weighted average on a carcass basis, the West is down .44 at 57.50, and nationally the hog market is .78 lower at 56.41. Missouri direct base carcass meat price is steady from 51.00 to 53.00. Live hogs on a live basis nationally are .98 lower at 46.85.

The pork carcass cutout value was up .26 at 76.96 FOB plant in the morning report.

Live hog weights are forecast slightly higher on a seasonal basis possibly for the next three weeks before trending lower. The spread compared to last year may collapse by May while trending lower, then may not reach seasonal lows of last year’s level, according to DTN.