Barrows and gilts in the Iowa/Minnesota direct trade opened .39 higher at 62.65 on a carcass basis, the West is up .19 at 62.64, and the East is .46 lower at 61.88. The Missouri direct base carcass meat price is 1.00 lower from 54.00 to 59.00. Reacting to Monday’s plunge in carcass value and narrowing processing margins, hog buyers opened business with mostly lower bids. Country receipts were generally light on Monday and some believe packer spending will have to stabilize in order to fund chain speed plans. But buyers seem to have sufficient leverage to keep pressing the cost of live hogs lower.
Despite last week’s smaller cattle kill and uneven country movement, this week’s show lists are smaller, especially in Kansas and Colorado. Beef cutouts started Monday no better than mixed, a disappointing debut in the wake of last week’s sharp reduction in beef production. Cattle country is quiet so far today with not even a token bid reported. Asking prices are around 87 to 88 in the South, and 140 in the North. Choice boxed beef is down .38 at 140.02, and select is .37 lower at 137.64.
At the Joplin Regional Stockyards receipts totaled a light 2141 head due to adverse weather conditions. Steers less than 600 pounds trended steady to 2.00 lower, over 600 steady to 1.00 higher. Heifers under 600 pounds were steady to 2.00 higher, over 600 steady to 2.00 lower. Feeder steers medium and large 1 and 1-2 weighing 500 to 600 pounds from 94.00 to 110.00, 7 to 8 weights 91.00 t0 99.00. 5 to 6 weight heifers traded from 88.00 to 101.00, and 7 to 8 weights from 83.00 to 90.50.
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