Market News

Hog reports delayed

Direct trade hogs were not reported on Monday due to packer submission issues. Missouri direct base carcass meat price was steady to 3.00 higher from 43.00 to 47.00. Midwest hogs on a live basis closed steady to 1.00 higher from 30.00 to 40.00.

Last week’s hog slaughter was 2.375 million head, up 17.2% from the previous week, which was low because of the New Year holiday and up 10.6% from the same week last year. That seems more than the December 1 Hogs and Pigs report weight breakdown suggested.

The pork carcass cutout value was .52 higher at 70.47.

The slaughter was estimated at 324,000 head, 113,000 less than last week and down 127,000 head from last year.

Lean hogs settled 7 to 67 points higher with the August contract up the most. Packing plant issues reduced slaughter numbers for the day. It is uncertain if these delays will be carried over through Tuesday, and just how much can be made up through the rest of the week at each of these plants.

Cattle country was fairly quiet on Monday afternoon with a few early bids noted in Kansas and Texas at 132.00 to 133.00, suggesting that some packers are starting the week very short bought. New showlists appear to be larger in Kansas and Colorado, about steady in Nebraska and smaller in Texas. Preliminary asking prices are not well defined but a few have been suggested around 135.00 to 136.00, basis Kansas. The cattle kill was estimated by USDA at 110,000 head, 13,000 more than last week and even with last year.

Boxed beef cutout value was sharply higher on moderate to fairly good demand and light offerings. Choice beef was up 3.12 at 235.32, and select was 2.09 higher at 229.07.

Chicago Mercantile Exchange live cattle contracts settled 25 to 77 lower. Cattle so moderate to sharp losses in the early trade but by midday were narrowly mixed before settling lower. Underlying fundamental support to the market continues to come from triple digit gains in boxed beef cutout values. The market shifted directions by swift moves in outside markets.

Feeder cattle settled 30 to 72 points lower. There were narrow gains in the market at midday as the strong grip of seller activity seemed to have loosened a bit. There was some additional price volatility near the close.

Feeder cattle receipts at the Oklahoma National Stockyards on Monday totaled 7,500 head. Compared to last week. Feeder steers and heifers were 5.00 to 10.00 lower. Steer calves were steady, and heifer calves steady to 3.00 lower. 550 to 600 pound steers calves 186.00 to 199.00 per hundredweight. 550 to 600 pound heifers ranged from 160.00 to 165.00.

Feeder cattle receipts at the Joplin Regional Stockyards this week totaled 4500 head. Compared to last Monday, steer calves are steady, heifer calves are steady to 2.00 lower. Yearlings are marked 4.00 to 5.00 lower. Demand is called moderate to good on a moderate supply. Feeder steers medium and large 1 weighing 500 to 600 pounds traded from 172.00 to 199.00 per hundredweight. 5 to 6 weight heifers brought 150.00 to 175.00.