Market News

Showlists appear smaller

Feedlot country was typically quiet on Monday as packers finished up gathering the new showlists. The new offering appears to be generally smaller than last week, especially in Nebraska and Texas. A few asking prices have been reported by DTN at 153.00 in the South and 245.00 plus in the North. Both buyers and sellers are anxious to get a good read on meat movement over the holiday weekend. Monday’s kill was estimated at 108,000 head, 5,000 below last week and 3,000 smaller than last year.

Boxed beef cutout values were sharply lower on light demand and moderate offerings. Choice beef was down 2.47 at 247.65, and select was 4.13 lower at 243.92.

Live cattle contract s on the Chicago Mercantile Exchange were under pressure on Monday. Traders looked for additional longer term direction, but general pressure in most commodities and further pressure in beef values continued to limit buyer interest in nearby and deferred markets. Traders remained concerned about overall global economic health following Greece voting not to accept the most recent terms in the bailout package. DTN reports this could continue to plague not only commodity markets but general financial conditions over the near future. August was down .77 at 150.45, and October cattle were .75 lower at 153.37.

Feeder cattle saw moderate pressure as widespread pressure was evident through most commodities. As in live cattle, the concerns surrounding what will happen in Greece continues to have many traders cautious and unwilling to aggressively step into any financial or commodity markets at this point. August feeders were .70 lower at 216.75, and September was down .65 at 215.45.

Feeder cattle receipts at the Joplin, Missouri Regional Stockyards on Monday totaled just 3,000 head. Compared to last week, steers and heifers opened weak to 3.00 lower. Demand was moderate and the supply was moderate to light. Feeder steers medium and large 1 weighing 600 to 700 pounds traded from 227.00 to 266.00 per hundredweight. Feeder heifers weighting 600 to 700 pounds brought 206.00 to 230.00.

Lean hogs were mixed in a narrow range for much of the session, although trade volume across the complex was relatively light. July had held narrow gains based on expected buyer support trickling into the complex, but ended lower. August through February futures held moderate losses as traders remained concerned about supply growth over the coming months. July was down .12 at 78.65, and August was .35 lower at 76.02.

Barrows and gilts in the Iowa/Minnesota direct trade closed 1.87 higher at 77.17 weighted average on a carcass basis, the West was up 1.19 at 76.44, and the national market was up .76 at 74.78. Missouri direct base carcass meat price was steady from 69.00 to 70.00. Midwest hogs on a live basis were steady from 47.50 to 58.00.

The pork carcass cutout value was 1.27 higher at 82.26 FOB plant.

From Thursday to Thursday, the pork carcass value lost $1.65, especially pressured by a $12 break in the rib primals. Processing margins will start the post-holiday period on the defensive.

Monday’s hog kill was estimated at 398,000 head, down 26,000 from last week, but 12,000 greater than last year. Some plants were dark on Monday.