Missouri Weekly Direct Slaughter Cattle

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Jefferson City, MO    Fri Jun 24, 2016     Mo Dept of Ag-USDA Market News

Missouri Weekly Direct Slaughter Cattle (week end 06-24-2016)

Confirmed Sales:
  Week to date: 0      Last week: 160    Last Year:  280

( These prices acquired from Missouri producers )

  Trading from late last Friday through Friday morning of this week remains 
Inactive as bids have trended lower with producers passing most bids.  Fed 
cattle prices closed significantly lower last week with struggling fundamentals 
and follow through selling in the futures.  Cattle futures again started this 
week with sharp losses on Monday as this seems to be the path of least 
resistance for the cattle futures.  Cattle futures seem to be fatigued by and 
endless downtrend with bearish market psychology reflected in the futures as 
seasonal summer weakness sets in with plentiful supplies.  Last week saw total 
slaughter revised up to 607K and with this week looking to be well over 600K all 
aided by exceptional packer margins.  Last week saw the 5-Area average steer 
price at 120.62 the lowest of 2016.  Boxed-beef has lost ground, but continues 
to hold together better than expected; the cut-out value will probably continue 
to soften going into July and August.  Slaughter levels will remain large as 
long as packer margins and beef demand will support slaughter which is a long 
term positive fundamental.  Thursday’s close on Choice boxed-beef was 1.62 lower 
at 215.46 with Select .01 cent lower at 198.34 compared to last Friday’s close 
with Choice at 221.83 and Select at 199.61.  Markets on Friday morning were 
sharply lower on the open as Britain voted to leave the European Union which had 
the Stock Market opening more than 500 points lower; this vote has the potential 
to impact financial markets and currency values.  Also, on this Friday the 
Cattle on Feed Report will be issued in the afternoon as well as the Cold 
Storage Report for beef, pork and chicken stocks.    

Live Sales: 
Slaughter steers and heifers: No sales   

(Note: Weighing conditions some plant delivered weights and some net
 weights FOB feedlot after a 4 percent shrink.

Dressed Carcass Sales: (Paid on Hot Carcass Weights) Delivered or
 Picked up (Weight only)      
   Steers and Heifers: (60-80 percent Choice) No Sales 

(Grid) Grade and Weight Carcass: (80 percent Choice) No Sales

Source:  MO Dept of Ag-USDA Market News Service, Mexico, MO
         Greg Harrison, Market Reporter 573-751-5618
         24 hour recorded report 573-522-9244

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