Market News

Midday cash livestock markets

It is a typical Tuesday in cattle country, and the guess is significant trade will be delayed until Wednesday or later despite packers short bought status. DTN reports early asking prices are rumored to be around 148.00 to 150.00 in the South and 232.00 plus in the North.

Boxed beef cutout values are mixed with the choice down .46 at 241.78, and select up .28 at 232.32.

Feeder cattle receipts at the Oklahoma National Stockyards on Monday totaled 6510 head. Compared to last week, feeder steers and heifers trended steady to 2.00 higher. Feeder calves were mostly steady, with the exception of the 400 to 450 pound cattle which traded 10.00 to 15.00 higher. Renewed confidence and recovery in the financial markets has helped stabilize buyer demand and allowed the market to begin to gain back last week’s losses. Feeder steers medium and large 1 averaging 718 pounds averaged 213.36 per hundredweight. 733 pound heifers brought 196.06.

Barrows and gilts in the Iowa Minnesota, and Eastern direct trade are not reported due to confidentiality. Western markets are .70 lower at 72.60 weighted average on a carcass basis, nationally the market is down .84 at 71.90. Missouri direct base carcass meat price is steady to 2.00 lower at 64.00. Midwest hogs on a live basis are steady to 1.00 lower from 44.00 to 58.00.

Pork carcass value is .99 higher at 86.83.

Given the strong seasonal tendency of hog slaughter and pork production to mount over the next three months, it’s far too early to say that lean hog futures have bottomed.

Belly prices continued to move lower last week, with the primal value dropping below $160 late in the week, its lowest level since early August. Prices are forecast to move lower on through September and October.