Iowa/Minnesota barrows and gilts opened .67 lower at 68.42 on a carcass basis, the West is down 1.32 at 67.95, and the East is .70 lower at 68.65. The Missouri direct base carcass meat price on hogs is steady to 1.00 lower at 64.00. Packers are trying harder to improve processing margins. Some believe that processors have started the week with more live inventory in tow. That remains to be seen. We will have to wait and see if buyers can generate sufficient numbers over the next several days using lower money. Of course cash could stabilize if the wholesale pork trade can uncover better demand.
So far today not even a token bid has been reported in the feedlot cattle trade. Margin stressed packers need to hold the line on further spending while boosting boxed beef sales. Both chores may be a challenge. Asking prices are starting out around 97.00 to 98.00 in the South, and 152.00 plus in the North. Feedlot leverage will be helped by relatively tight fed supplies, firm front end futures, and confidence stemming from recent success. Choice boxed beef at midday is up 1.62 at 152.45, and select is 1.50 higher at 150.44.
Feeder cattle receipts at the Sioux Falls Regional Stockyards at Worthing, SD totaled 3490 head on Monday. Compared to last week, feeder steers weighing 550-950 lbs were steady to 3.00 higher on Monday. Heifers 550 to 950 lbs trended steady to 2.00 lower, instances 3.00 lower. There were several large consignments resulting in numerous load lots on offer. Buyer attendance was good with good demand. Several consignments showed the effects of wet feedlots. Feeder steers medium and large 1, 119 head averaging 635 lbs averaged 113.56 per hundredweight. 104 heifers averaging 629 lbs brought 101.26.
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