Market News

Cattle showlists are about steady

Cattle country was very quiet on Monday afternoon following the distribution of the new showlists. Although the numbers are larger in Texas and Colorado while smaller in Nebraska and Kansas, the overall offering appears to be about steady with last week. A few asking prices have been voiced around 162.00 in the South and 250.00 plus  in the North, The slaughter totaled 109,000 head, 10,000 more than last week but 4,000 less than 2014.

Boxed beef cutout values are higher on choice and lower on select on moderate demand and light offerings. Choice beef is up 1.09 at 248.67, and select is .12 lower at 245.45.

Chicago Mercantile Exchange live cattle contracts settled 27 to 195 points higher. Nearby contracts held triple digit gains through the close. The early week bullishness was credited to short covering, bull spreading strategies, and decent packer spending in the country last week. April cattle settled 1.75 higher at 153.45, and June was up 1.95 at 145.80.

Feeder cattle ended the day 127 to 220 higher. Feeders followed their live counterparts higher. It will be interesting to see if the bulls can start to rebuild a base of support over 200.00. March settled 2.20 higher at 204.10, and April was up 1.80 at 202.12.

The Joplin Regional Stockyards and Oklahoma City had very light runs on Monday due to inclement weather.

Feeder cattle receipts at the Burwell, Nebraska Livestock Market totaled 3014 head on Friday. Compared to two weeks ago, steers over 650 pounds were 7.00 to 10.00 lower. Heifers sold unevenly steady. Demand was light to moderate from an average crowd of buyers. Some of the downward trend might be attributed to cattle displaying more flesh than the previous sale and the up and down movement in Chicago Mercantile Exchange cattle contracts. Feeder steers medium and large 1 weighing 686 pounds averaged 228.53 per hundredweight. 716 pound replacement heifers brought 214.92.

Lean hogs settled mostly 20 to 40 points higher. Trade was rather lackluster to start the week. Some support came from the cattle pits. Some traders continue to express uncertainty that the cash hog trades ability to further build on the impressive progress of the last several weeks. April settled .20 points higher at 67.67, and May was up .40 at 80.30.

Barrows and gilts in the Iowa/Minnesota direct trade closed .09 higher at 66.38 weighted average on a carcass basis, the West was up .16 at 66.22, and the East was not reported due to confidentiality. Missouri direct base carcass meat price closed steady from 55.00 to 64.00.Midwest hogs on a live basis were steady to 2.00 higher from 38.00 to 50.00.

The pork carcass cutout value was down .84 at 69.67 FOB plant in the afternoon report.

Last week’s hog slaughter continues to exceed the production implications of the December 1 hog and pig report. Though last week’s kill was somewhat smaller, it still surpassed 2014 by 5.6%, December numbers suggested an increase of only 3%. Further, the stubborn reality of heavier hogs meant that last week’s pork production was estimated to 6.5% larger than the prior year.

Monday’s hog kill was estimated at 432,000 head, 2,000 greater than last week, and 35,000 more than last year,