Market News

Midday cash livestock markets

A light cattle trade was evident in parts of Nebraska and Iowa on Friday with dressed sales nearly $7.00 higher than last week’s weighted average at $220.00. Buyer interest is slower to develop in the South, but DTN says it seems likely that packers will eventually move toward higher asking prices in Kansas and Texas of 140.00 plus. Generally speaking trade volume should expand over the next several hours. Cattle futures were sharply higher with triple digit gains dominating both live and feeder markets. Late week bullishness seems tied to aggressive short covering, technical buying, and the promise of seasonal fundamentals over the next 30 to 60 days.

Boxed beef cutout values were down 1.12 on the choice at 224.12, and 1.40 higher on select at 215.25.

Feeder cattle receipts at Missouri auctions totaled 30,691 head this week. Compared to last week, feeder cattle sold unevenly steady to 2.00 higher. The supply was largely made up of calves in the 450 to 750 pound range which is pretty typical for this time of year. Feather weight calves and cattle over 750 pounds were steady to weak but comparable numbers and kinds are somewhat difficult to find from week to week. Feeder steers medium and large 1 averaging 628 pounds brought 188.22 per hundredweight. 624 pound heifers averaged 158.26.

The Midwest Regional Exchange Stockyards at Mexico Missouri had 403 sheep in the sale on Thursday. Slaughter lambs prime and choice 2-3 weighing 103 pounds brought 195.00 per hundredweight. Feeder and stocker lambs 40 to 60 pounds traded from 217.50 to 241.00. Feeder kids selection 1 weighing 48 pounds at 300.00 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 1.91 lower at 61.81 weighted average on a carcass basis. Missouri direct base carcass meat price is steady from 55.00 to 57.00. Midwest hogs on a live basis are steady to an instance of 5.00 higher from 36.00 to 48.00 in a light Friday test.

The pork carcass cutout value is down 1.52 at 73.13 FOB plant. Bellies were down 5.51.

While many analysts believe cash hogs can rally $5 to $10 over the next month, that’s going to be a tall order if weekly kills continue to hold in the 2.20 million area or higher.

Canadian inventory of all hogs and pigs on Jan. 1, 2016 was 13.3 million head. This was up 1% from Jan. 1, 2015 and up 2% from Jan. 1, 2014

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