Market News

Midday cash livestock markets

The main item of business in cattle country on Monday is the distribution of the new showlists. Last week’s trade started on Tuesday in the South. The full range of last week’s Southern business was 115.00 to 117.00, generally $4.00 to 6.00 lower than the previous week. Northern dressed business started on Wednesday, with the full dressed range from 186.00 to 190.00, generally $5.00 to 9.00 lower than the previous week’s weighted average basis Nebraska.

Boxed beef cutout values are mixed with the choice down 1.53 at 212.33, and select 198.04, up .21.

Feeder cattle receipts at the Joplin, Missouri Regional Stockyards on Monday totaled 6,000 head. Compared to last Monday’s sale, steer and heifer calves opened steady to 3.00 higher, and yearlings 3.00 to 6.00 higher. The early demand was good for a moderate supply. Feeder steers medium and large 1 weighing 550 to 600 pounds brought 140.00 to 155.00 per hundredweight. Heifers weighing 550 to 600 pounds traded at 135.00 to 140.00.

Feeder cattle receipts at the Lexington, Nebraska Livestock market totaled 1644 head. Compared to two weeks ago, steers over 800 pounds sold 2.00 to 5.00 lower. There were not enough comparable heifers for a market comparison. Despite sharply lower cattle boards on Friday and the rest of the week, demand was moderate to good for yearlings come off of summer grass and for bawling spring calves. Feeder steers medium and large 1 averaging 821 pounds brought 144.10 per hundredweight. 793 pound heifers averaged 137.17.

The St, Onge Newell Sheep Yards in South Dakota had receipts of 922 head on Thursday. There is no price comparisons as the sale was not reported recently due to seasonally low receipts. There was good demand for several strings and packages of feeder lambs and slaughter ewes which sold on an active market. Feeder lambs medium and large 1 averaging 84 pounds brought 181.54 per hundredweight.

Barrows and gilts in the Iowa/Minnesota direct trade opened 1.45 lower at 80.57 on a carcass basis, the West was down 1.31 at 80.57, and nationally the market is .90 lower at 80.10. Missouri direct base carcass meat price was steady to 1.00 higher from 68.00 to 75.00. Midwest hogs are fully steady from 49.00 to 60.00 on the live basis.

The pork carcass cutout value is down .57 at 88.70 FOB plant. Bellies are 2.20 higher and ribs are up 2.60.

The June 1 hogs and pigs report exceeded pre-report expectation in all three major categories. Furthermore, the spring pig crop turned out to be a good deal larger than expected.

Nearby lean hog futures are looking toppy, according to DTN analysts. While cash hog prices could continue to work higher over the next 30 to 40 days, board bulls may find it increasingly difficult to find new firewood to stoke greater premiums.

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