Packer inquiry is starting to improve on the Northern cattle with bids marked at 122.00 live and 198.00 dressed. DTN reports a regional has bid 200.00. However, these bids are still far from the asking prices. A few bids are being reported in the South at 122.00. The expectation is that trade should start to develop anytime now and into the late afternoon. Asking prices on the cattle are around 128.00 plus live basis and 206.00 to 208.00 plus dressed in the North.
Boxed beef prices are lower at midday with the choice down .45 at 184.17, and select is .66 lower at 179.21.
Feeder cattle receipts at Missouri Auctions this week totaled 38,117 head. Compared to the previous week, feeder steers sold 2.00 to 6.00 higher with some steers weighing less than 500 pounds 7.00 to 10.00 higher. Feeder heifers sold uneven with most falling in a range of 2.00 lower to 4.00 higher, although some higher quality 6 to 650 weight heifers were up to 10.00 higher, and some weighing less than 450 pounds as much as 5.00 lower. The feeder supply is moderate to heavy, although most weight classes did not see near the numbers as was seen over the last few weeks. Demand remains good to very good. Feeder steers medium and large 1 averaging 526 pounds traded at an average of 179.48 per hundredweight. 575 pound heifers brought 152.25.
Barrows and gilts in the Iowa/Minnesota and Western direct trade areas are not reported due to confidentiality, the East is 1.23 lower at 81.05. Missouri direct base carcass meat price is steady from 80.00 to 82.00. Terminal hogs are steady with an instance of 2.00 lower from 57.50 to 60.00.
Sharply higher live hog sales yesterday, the Iowa dressed base jumped $2.72 in the face of lower pork business and worsening packer margins seems to be a dramatic statement about how surprisingly tight winter live supplies have turned out to be.
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