Market News

Prices were higher at internet cattle auction

Except for a few scattered bids of 120.00 in Kansas and Texas the feedlot trade was quiet. Asking prices are around 124.00 to 125.00 in the South, and 200.00 in the North. The Fed Cattle Exchange Internet Auction reported listings of 5,462 cattle, with 2,729 head actually sold. The weighted average was 121.98, up from last week’s average of 120.52. Nebraska had the most cattle listed and they sold from 120.00 to 122.00 per hundredweight. The cattle slaughter on Wednesday was estimated at 112,000 head, 3,000 below last week, but 2,000 more than last year.

Boxed beef cutout values were weak on choice and higher on select on light to moderate demand and offerings. Choice beef was down .49 at 191.25, select 189.16, up .99.

Live cattle contracts on the Chicago Mercantile Exchange settled .17 lower to .30 higher. John Harrington at DTN said the trade remained cautious, stalling before the development of late week cash and Friday’s release of the cattle on feed report.

Feeder cattle ended the session .05 to .47 lower. With deferred live contracts drifting lower, feeder traders didn’t have much to hitch their wagons to.

The Ozarks Regional Stockyards at West Plains, Missouri had receipts of 3,000 cattle Tuesday. Compared to last week, steers and heifer calves sold 5.00 to 10.00 higher with spots on the lighter weights 13.00 higher. Yearling steers were 3.00 to 5.00 higher with yearling heifers lightly tested. Demand was very good on a moderate supply. Feeder steers medium and large 1 averaging 680 pounds brought 135.00 per hundredweight. 575 pound heifers traded at 127.50.

Lean hogs settled .42 lower to 2.30 higher with only the far deferred contracts unchanged to lower. The new buying energy seemed tied to bull spreading, signs of improving pork demand and stubborn cash premiums. The carcass value in the morning report was more than a dollar higher with all primal cuts quoted higher except the loin.

Frozen stores of pork at the end of December totaled 477.2 million pounds, 13 percent smaller than last year. More specifically, the frozen pork belly stockpile totaled no more than 17.8 million pounds, the smallest in more than 60 years.

The national hog market closed .51 higher at 63.58 weighted average on a carcass basis, Iowa/Minnesota direct trade was .18 higher at 63.90, and in the West the hog market was up .01 at 63.98.The Missouri direct base carcass meat price closed steady from 55.00 to 58.00. Midwest hogs on a live basis were steady to 2.00 lower from 40.00 to 42.00.

The pork carcass cut0ut value was up .96 at 82.40 FOB plant. Only the loin and butt primal were lower.

The Wednesday hog slaughter was estimated at 436,000 head, 4,000 less than last week, and down 2,000 from last year.