Market News

Slow market activity in hogs and cattle at a standstill

Cattle country was at a standstill on Tuesday afternoon. Preliminary bids will probably be delayed until Wednesday or Thursday. Significant trade volume could be postponed until sometime on Friday, Asking prices are around 133.00 to 134.00 in the South and 208.00 to 209.00 in the North. Monday’s kill was estimated at 109,000 head, 6,000 below last week, and 4,000 smaller than a year ago. Tuesday’s slaughter was 121,000 head, 3,000 more than the previous week, but 8,000 less than last year.

Boxed beef cutout values were weak to lower on light demand and light to moderate offerings. Choice beef was down .53 at 202.20, and select was 1.20 lower at 188.54.

Live cattle contracts on the Chicago Mercantile Exchange settled 7 to 27 points lower. Generally speaking the action in the live pit was lackluster as traders waited for cash news. Boxed beef cutouts in the midday report were lower. December settled .07 lower at 132.67, and February was down .10 at 134.27.

Feeder cattle contracts ended the session 45 points higher to 20 points lower. Support came from short covering, cheaper corn, and ideas of tighter replacement numbers. November settled .45 higher at 164.65 and January was up .02 at 164.20.

Feeder cattle receipts at the Joplin Regional Stockyards totaled 7528 head. Compared to last week, steer and heifer calves trended steady to 3.00 higher, yearling steers were steady to 2.00 higher, yearling heifers were steady. Demand was moderate to good on a heavy supply. The demand was best for lightweight calves, long time weaned calves and yearling steers. Feeder steers medium and large 1 averaging 570 pounds traded at 174.42 per hundredweight. 584 pound heifers brought 153.57.

Lean hogs settled 25 to 87 points in the red after a firm opening; lean hogs staged a retreat, pressured by long liquidation and seasonal bears. DTN reports many traders continue to fret and stew that pork supplies are likely to stay large and burdensome for weeks to come. December settled .85 lower at 87.20 and February was down .87 at 91.35.

There was slow hog market activity and light to moderate demand on Tuesday. Barrows and gilts in the Iowa/Minnesota direct trade closed .35 lower at 82.01 on a carcass basis, the West was down .54 at 81.68, and the East was .09 higher at 81.13. Missouri direct base carcass meat price was 1.00 to 3.00 lower at 75.00. Terminal hogs were steady to 1.00 higher from 54.00 to 60.00.

The pork carcass cutout value was up .39 at 95.24 FOB plant. Belly primals were once again over $5.00 higher.

Despite all the talk over PEDV, many believe that it will be mid-to-late November before slaughter cutbacks really start reflecting declines caused by the deadly virus. 

Tuesday’s hog slaughter was estimated at 437,000 head, 1,000 more than last week and 2,000 greater than last year.