Market News

Tuesday midday cash livestock markets

It is a typical Tuesday in cattle country with buyers and sellers not showing any significant signs of moving toward active business. DTN says they don’t look for even token bids to surface before Wednesday or Thursday. A few of the showlists have been priced around 133.00 to 134.00 in the South and 208.00 to 209.00 in the North. Processing margins have improved some in recent weeks thanks to the lowering of cattle costs, yet packers remain in the red and on the defensive.  It will be interesting to see if last week’s cutback in slaughter works to lend a firmer tone to carcass value.

Boxed beef cutout values are weak to lower with the choice down .22 202.57, and select was 1.09 lower at 188.65 in the morning report.

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.

Barrows and gilts in the Iowa/Minnesota direct trade are 3.16 lower; the West is down 3.02 with a weighted average of 79.20 on a carcass basis in both regions. Eastern hogs are down 1.06 at 79.98. The Missouri direct base carcass meat price is 1.00 to 3.00 lower at 75.00, sows steady from 56.00 to 67.00. Terminal barrows and gilts are steady to 1.00 higher from 54.00 to 60.00 live.

The pork carcass value was up .73 at 95.58 FOB plant on a negotiated basis.

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. 

Furthermore, swine veterinarians and other industry participants are becoming more concerned that the virus could actually worsen during the winter months before calming down during the spring.