The main item of business in cattle country on Monday is the collection of the new show lists. The cash call this week is steady to firm, while feedlot managers will be very bullish this week thanks to Friday’s cash success, packers will be on the defensive tied to low margins and lackluster cutouts.
Choice boxed beef was 1.51 higher at 168.80 and select is 1.50 higher at 168.09 in the morning report.
At the Oklahoma National Stockyards on Monday, receipts totaled 13,500 head. Compared to last week, feeder steers and heifers opened steady. Steer and heifer calves and stockers were steady to 2.00 higher. Demand is moderate to good. Feeder steers medium and large 1 weighing 700 to 800 pounds brought 127.00 to 133.00. 6 t0 7 weight heifers traded from 119.00 to 122.00.
Barrows and gilts in the Iowa/Minnesota direct trade are 1.12 higher at 80.67; the West is up 1.28 at 80.51 on a carcass basis. Eastern market information is not released due to confidentiality. Missouri direct base carcass meat price is not reported due to the President’s Day Holiday.
Short bought packers should be more supportive of the cash market this week. Additionally, sustained strength in the carcass cutout should be encouraging as well.
Some market information is not reported due to the President’s Day holiday.