Market News

Midday cash livestock markets

Cattle country activity will be limited to the distribution of the new showlists today. DTN’s John Harrington says the guess is the pre-holiday offering will be steady with last week, but possibly somewhat larger. Preliminary asking prices are likely to be around 150.00 in the South, and 240.00 in the North. Significant trade volume should develop somewhat earlier this week with both buyers and sellers trying to get away for a long holiday weekend.

Boxed beef cutout values in the morning report are mixed with the choice down .52 at 252.60, and select is 1.19 higher at 249.34.

Feeder cattle receipts at the Joplin Regional Stockyards on Monday totaled 5,000 head. Compared to last week, steer and heifer calves opened steady to weak, and yearlings were weak to 3.00 lower. Demand for feeders’ is good and the supply is moderate. Feeder steers medium and large 1 weighing 500 to 600 pounds traded from 255.00 to 291.00. 5 to 6 weight heifers brought 231.00 to 244.00 per hundredweight.

Barrows and gilts in the Iowa/Minnesota, Western and Eastern direct trade areas are not reported due to confidentiality. Nationally the hog market is .78 lower at 72.20 weighted average on carcass basis. Midwest hogs on a live basis are fully steady from 47.00 to 60.00.

The pork carcass cutout value FOB plant is up .48 at 62.21.

The June 1 hog inventory released on Friday confirmed a smaller than expected breeding herd and more modest summer and fall farrowing intentions. Such surprising news should help support deferred lean futures early this week.