Market News

Tuesday midday cash livestock

Packers are expected to be starting the week extremely short bought again. But this seems to be unable to spark cattle buying activity early in the week, as the main concern of packers seems to be cutting procurement costs if possible in order to sustain just enough supply to get through the week, according to DTN analysts. This may lead to additional cash market pressure at the end of the week. A few showlists have been priced around 161.00 to 162.00 in the South and 247.00 plus in the North.

Boxed beef cutout values are lower in the morning report, choice beef 241.10, down 1.92, select is .38 lower 228.09.

Feeder cattle receipts at the Joplin Regional Stockyards on Monday totaled 4112 head. Compared to  last week, steer calves weighing less than 550 pounds, and heifer calves were steady, steer calves over 550 pounds and yearlings were steady to 5.00 higher, spots of 650 to 800 pound steers 5.00 to 10.00 higher. The demand was good on a moderate supply. Feeder steers, medium and large 1 averaging 630 pounds brought 254.53 per hundredweight. Heifers averaging 573 pounds traded at 240.44.

Barrow and gilt prices in the Iowa/Minnesota, Western and Eastern direct trade areas are not reported due to confidentiality. Nationally the market is 3.42 lower, weighted average of 99.70 on a carcass basis. Missouri direct base carcass meat price is 1.00 to 5.00 higher from 95.00 to 100.00. Midwest hogs on a live basis are steady to mostly 2.00 to 3.00 higher live from 68.00 to 80.00.

The pork carcass cutout value is 1.52 higher FOB plant 117.12. All primal cuts were higher in the morning report.

Pork supplies increased 2% in August compared to July levels. This is confirming what has already been seen in the market, but is a humbling reminder that more available supplies can lead to price pressure as demand remains unwilling or unable to pick up the slack.