Market News

Midday cash livestock market

The main item of business in cattle country is the distribution of the new showlists. Asking prices are expected to be significantly higher. This week’s offering is expected to be about steady with last week. Triple digit gains were evident in both the live and feeder markets Monday morning. The early week buying is tied to at least two factors, the smaller than expected September placement figure in the Friday cattle on feed report, and feedlots sales up to 102.00 in Nebraska and Colorado on Saturday.

Boxed beef cutout values in the morning report are mixed, choice beef is up 1.18 at 180.96, and select 166.67, down .26.

At the Joplin, Missouri regional Stockyards on Monday receipts totaled 3,818 head. Compared to last week, steer and heifer calves were 2.00 to 5.00 higher. Yearlings were not fully tested early, but the undertone was higher. The demand was good on a moderate supply. Feeder steers medium and large 1 weighing 550 to 600 pounds brought 115.00 to 127.00 per hundredweight. Feeder heifers weighing 550 to 600 pounds traded from 105.00 to 111.00.

A big offering of feeder steers and heifers at the Ft. Pierre, South Dakota livestock Auction at the end of the week, with receipts of 8125 head. Compared to last Friday, steer calves were 2.00 to 5.00 higher, with some as much as 8.00 to 10.00 higher. Heifer calves were 2.00 to 5.00 higher, some lighter weight calves, steers and heifers traded 2.00 to 3.00 lower. There was a much improved demand for the yearling offering, demand improved to good for calves across the board. Feeder steers medium and large 1, calves weighing 623 pounds brought 129.48 per hundredweight. 565 pound replacement heifers traded at 140.01 per hundredweight.

The supply of hay in the Iowa market was limited on both buyers and sellers as they concentrated on combining standing crops. The limited supply of premium hay continued to bring higher prices. Buyers of small squares appeared to be entering the market hoping to stock up on their winter supplies at lower prices compared to the previous year. Premium small squares of alfalfa brought 220.00 to 260.00 per ton. Good large squares from 160.00 to 165.00. Good small squares of alfalfa grass from 140.00 to 180.00 per ton.

Barrows and gilts in the Iowa/Minnesota direct trade are .01 lower at 45.80 weighted average on a carcass basis, the West is .07 higher 45.77, and national hogs .80 lower at 44.42. Missouri direct base carcass meat price is steady from 38.00 to 39.00. Midwest hogs on a live basis from 25.00 to 30.00 and steady.

The pork carcass cutout value is 73.06, up .99 FOB plant. Ribs are 7.00 higher.

Pork demand remains strong with plants reporting overall improvement remains good. But the ability to aggressively and consistently increase pork values through the middle of October has been a struggle, adding to the concern of renewing demand support through the next several weeks and months.