The early development of board weakness and basis strength could make the timing of this week’s cash cattle business a bit of a wildcard. If packers would suddenly show near steady bids while futures continue to struggle, hedgers might quickly respond by lowering asking prices, seizing the basis bonus and moving cattle. Asking prices are around 96.00 to 97.00 in the South and 152.00 to 154.00 in the North. Choice boxed beef at midday was .72 higher at 155.62, and select is up .16 at 145.94.
At the Tri State Livestock Auction, Mc Cook, NE feeder cattle receipts totaled 1100 head on Monday. A comparison on price was not available as there was not a sale last week. Feeder steers medium and large 1; 401 head weighing 837 pounds traded at 115.14 per hundredweight. 87 percent of the offering was steers. Heifers weighing 782 pounds average 110.25 on just 75 head.
Barrows and gilts in the Iowa/Minnesota direct trade opened 1.78 lower at 78.23 on a carcass basis, the west was down 1.49 also at 78.23, and Eastern markets were .40 lower at 79.26. Missouri direct base carcass meat price is steady at 74.00. Pork carcass value jumped 1.48 yesterday as pork demand continues to improve, especially in terms of loins and bellies.
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