Minnesota/Iowa, West and Eastern Direct hog reports are delayed due to packer submission issues. Missouri direct base carcass meat price is steady to 1.00 lower from 52 to 56. The cash hog market opened with a softer undertone as buyers take some time assessing inventory in the wake of the major holiday snow storm. It could take some time to catch up on marketing’s given weather delays. Yet it is uncertain how normal channels have been clogged. The state of the wholesale market is also a wildcard as the new week begins according to DTN’s John Harrington. If carcass value continues to erode, will packers slow chain speed even more than typically planned before and after New Years?
Cattle country is fairly quiet as buyers and sellers are busy taking inventory. Early ideas of asking prices for this week are 85 to 86 in the South, but in the North there is a reluctance to price cattle due to significant snowfall and wind impact on herds. For the week ending December 12 cattle carcass weights took a big drop: all cattle at 783 pounds, 4 pounds below the prior week and even with 2008. Winter weather is clearly curbing production, a trend that will no doubt accelerate in the wake of the Christmas storm. Choice boxed beef is up .24 at 138.49, select is up .91 at 130.98.
Most feeder cattle auctions are closed for the holidays.
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