Market News

Midday livestock markets

There are few scattered bids on the cattle being reported by private sources at 150.00 in the South and 240.00 in the north. There was a light trade in Nebraska and Iowa yesterday at 240.00 to 242.00 dressed and 151.00 live. Kansas and Texas both saw some light scattered trade at 150.00. Asking prices on cattle left on the showlists are around 152.00 to 153.00 in the South, and 245.00 plus in the North.

Boxed beef cutout values in the morning report were lower. Choice beef is down .69 at 239.03, and select is .54 lower at 236.04.

Feeder cattle receipts at Missouri auctions this week totaled just 9,052 head. Compared to the previous week, feeder steers and heifers sold unevenly steady on a very light test. Demand was uneven. Several barns that held sales the previous week took the week off. While a light supply is consistent with the time of the year, the amount of rain has negatively influenced the ability to get cattle to market. The flooded pastures are filled with mud and it is difficult to prepare and load cattle for transport. Feeder steers medium and large 1 averaging 677 pounds brought 238.83 per hundredweight. 684 pound heifers traded at 214.60.

Barrows and gilts in the Iowa/Minnesota direct trade are 1.65 lower, the West is down 1.48 with both at 76.63 weighted average on a carcass basis. Eastern and national markets are not reported due to confidentiality. Missouri direct base carcass meat price is steady from 69.00 to 70.00. Midwest hogs on a live basis are lightly tested at steady prices from 47.00 to 58.00.

The pork carcass cutout value is down .47 at 80.80 FOB plant.

Assuming no serious threat to the growing feed crop over the next 30-60 days, feed costs would suggest that hog breakeven values would ease a few dollars lower than at present into the low to mid-$60 range on a lean basis. Such a scenario continues to suggest decent hedging opportunities for pork producers, ensuring the reality of ongoing herd expansion.