Market News

Midday cash livestock markets

It is a typical Tuesday in cattle country with bids and asking prices not well defined, although a few showlists have been priced around 162.00 plus in the South and 258.00 plus in the North. Aside from some risk managers taking advantage of the extraordinary strong basis, cash cattle trading is likely to remain limited early in the week.

Boxed beef cutout values are significantly lower with the choice down 1.71 at 249.70, and select is 2.23 lower at 242.56.

Feeder cattle receipts at the Tri-State Livestock Auction at Mc Cook, Nebraska totaled 2100 head. Compared to last week, steers and heifers were 9.00 to 19.00 lower. The demand was slower to moderate. Weights over 600 pounds were 90 percent of the offering. Feeder steers, medium and large 1 averaging 880 pounds traded at 195.55 per hundredweight. Heifers weighing 918 pounds brought 195.25.

Barrows and gilts in the direct trade areas of Iowa/Minnesota, West, East and nationally are not reported due to confidentiality. Missouri direct base carcass meat price is steady from 60.00 to 64.00. Midwest hogs on a live basis are fully steady from 42.00 to 50.00.

The pork carcass cutout value is down 1.73 FOB plant at 82.74.

Lean hog futures opened the week yesterday with triple digit gains. While seasonal trends have not been very reliable over the last several quarters, the historical tendency is for the board to move higher from now into expiration of the February contract.

The extreme winter storm rocking population centers in the Northeast represent tougher news for restaurant traffic and meat demand in general.