Market News

Cattle showlists appear larger

The collection of this week’s cattle showlists was completed on Monday The late month offering is mixed, larger in the South especially Texas, and smaller in the North. Overall the ready numbers appear to be somewhat larger. Initial asking prices are likely to be around 125.00 in the South and 200.00 in the North. The weekly cattle slaughter was estimated at 115,000 head, 45,000 more than last week which was a holiday, and 4,000 greater than last year.

Boxed beef cutout values were higher on choice and firm on select on light to moderate demand and offerings. Choice beef 101.77, up 1.35, select 186.33, up .19.

Chicago Mercantile Exchange live cattle contracts held moderate losses of .10 to .40 with only April up .20 and June unchanged. The overall lack of follow through buyer support continued to drive pressure into the complex through the close. Profit taking and demand uncertainties were negative to the trade.

Feeder cattle ended the session unchanged to .60 lower after bouncing higher and lower through much of the session. The market continued to focus on the overall lack of support in live cattle trade.

Feeder cattle receipts at the Joplin, Missouri Regional Stockyards Monday totaled 6,000 head. Compared to last week, steer and heifer calves opened 2.00 to 4.00 higher, yearlings steady to firm on a limited test. The demand was good on a moderate supply. Feeder steers medium and large 1 weighing 600 to 650 pounds traded from 134.00 to 143.00 per hundredweight. Feeder heifers weighing 600 to 650 pounds ranged from 122.00 to 127.00.

Lean hogs settled .27 higher to .70 lower with only the far deferred contracts higher. The April contract was down the most, .70 lower. Lean futures were under pressure although buyers slowly tried to step back into the market as prices moved off session lows. The long term support in the complex continues to drive uncertainty as there continues to be a lack of direction on the demand for pork.

The long term market trend of lean hog futures is still bullish, but a couple of hundred points off the rally highs. A move to new highs in the April and June contracts is needed for the bullish trend to remain in place.

Barrows and gilts in the Iowa/Minnesota direct trade closed .09 higher at 63.83 weighted average on a carcass basis, the West was up .15 at 63.76, and nationally the hog market was .21 lower at 62.67. The Missouri direct base carcass meat price was steady to 1.00 higher from 55.00 to 57.00. Midwest hogs on a live basis closed steady from 39.00 to 44.00.

The pork carcass cutout value in the afternoon report 79.38, down .33 FOB plant.

The Monday hog kill was estimated at 440,000 head, up 125,000 from last week which was a holiday, and 10,000 more than last year.