Barrows and gilts in the Iowa/Minnesota direct trade opened .10 higher on a carcass basis at 64.40, the West is down .36 at 64.40, and the East is .33 lower at 63.06. Missouri direct base carcass meat price is steady from 58.00 to 62.00. Though packers are cautious about product demand, a good number of packers have started their work schedules considerably closer to the knife than a week ago. If buyers can successfully resist the temptation to spend more in the country over the next several days, we may have to reassess the status of packer inventory; DTN says maybe they control more contracts than previously thought.
There is not a lot of action in cattle country, with only a few token bids of 87.00 in the South and 136.00 in the North noted. Asking prices are around 89.00 in the South, and 142.00 plus in the North. Boxed beef cutout values are higher at midday. Choice boxed beef is up 1.07 at 139.72, and select is .53 higher at 136.97.
Feeder cattle receipts at the Joplin Regional Stockyards on Monday totaled 3156 head. Compared to last week steers were 3.00 higher, heifers were steady to 2.00 higher. Demand was moderate to good and the supply was moderate to light. Weather continues to be a factor in transporting cattle from farms and ranches to the livestock market because of the extremely muddy conditions. Feeder steers medium and large 1 and 1-2 weighing 500 to 600 pounds traded from 101.00 to 113.00, 7 to 8 weights brought 92.00 to 102.00 per hundredweight. Feeder heifers Medium and large 1 and 1-2 weighing 500 to 600 pounds traded from 86.00 to 90.50, 7 to 8 weights from 85.00 to 95.00.
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