Barrows and gilts in the Iowa/Minnesota direct trade opened 1.65 higher at 78.85 on a carcass basis, the West was up 1.88 at 78.28, and the East is down .49 at 74.11. The Missouri direct base carcass meat price is steady from 69.00 to 70.00. Most packers remain short-bought and needing more starters for next week. Processing margins continue to be attractive despite the recent increase in the cost of live hogs. The average weight of Iowa barrows and gilts last week totaled 270.2 pounds, even with the previous week and just .3 pounds heavier than 2009. No evidence here that slow pork production is tied to backed up marketing.
Cattle country is quiet on Thursday following moderate trade in Nebraska, and light trade in other parts of feeding states on Wednesday. It looks like business may be done for the week, leaving some of the greener cattle to be carried over into next week. Negotiated sales so far this week are confirmed at 121,284 head according to USDA Mandatory. Choice boxed beef is .05 higher at 166.79, and the select is .08 higher at 164.93 at midday.
Feeder cattle receipts at the Ogallala Livestock Auction in Nebraska totaled 4500 head. Compared with two weeks ago, steers and heifers trended steady to 6.00 higher, except for steers weighing 500 to 700 pounds which traded 3.00 to 5.00 lower. Demand was good. Feeder steers medium and large 1 averaging 724 pounds traded at an average of 115.51. 667 pound heifers brought 110.76 per hundredweight.
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