Market News

Friday midday cash livestock prices

Cattle country is slow to start on Friday with just a few bids on the table according to private sources at 168.00 in Kansas and 263.00 dressed in Nebraska. Packer inquiry is expected to improve over the next several hours, but it is possible significant trade volume will be delayed until after the cattle on feed report is released later today. Asking prices are around 174.00 in the South and 270.00 plus in the North.

Boxed beef cutout values are firm in the morning report with the choice up .26 at 255.65, and select is .34 higher at 243.33.

Feeder cattle receipts at Missouri auctions this week totaled 26,761 head. Compared to last week, feeder steers and heifers traded mostly steady to 5.00 higher, although some barns saw calves selling steady to weak. Demand around the state was good, and the supply was moderate. Many barns saw good quality calves, allowing buyers to be selective. 1241 head of feeder steers, medium and large 1 averaging 576 pounds averaged 273.79 per hundredweight. 678 head of feeder heifers with an average weight of 575 pounds traded at 242.92.

Barrows and gilts in the Iowa/Minnesota direct trade and the West are not reported due to confidentiality. Nationally the market is .34 lower with a weighted average on a carcass basis at 84.20. Eastern hogs are up .05 at 84.09. Missouri direct base carcass meat price is steady from 77.00 to 81.00. Midwest hogs on a live basis are fully steady from 60.00 to 66.00.

The pork carcass cutout value is down .74 at 92.88 FOB plant. Only picnic, rib, and ham primals were higher.

Pork processors have watched margins significantly erode over the last week or so. Packers either need to buy hogs lower or slow chain speed to force wholesale prices higher.