There is not even a token bid on the table in the cash cattle trade, and the market will probably remain in neutral until late in the week. Asking prices are around 132.00 to 134.00 in the South and 208.00 plus in the North. The USDA’s monthly cattle on feed report is due for release on Friday. Pre report estimates are showing smaller placements against a slight increase in marketing’s. The total number on feed is expected to be 2.5 percent more than a year ago.
Boxed beef prices are sharply higher with the choice up 2.47 at 196.62, and select 192.23 up 1.08.
Feeder cattle receipts at the Philip Livestock Auction at Philip, SD totaled 4238 head. Compared to two weeks ago feeder steers sold 2.00 higher, feeder heifers were mostly steady, except 500 to 550 pounds 2.00 higher. Feeder steers medium and large 1 weighing 726 pounds brought 167.68 per hundredweight. 666 pound heifers averaged 159.09.
Barrows and gilts in the Iowa/Minnesota direct trade opened .43 higher at 86.26 on a carcass basis, the West was up .37 at 86.06, and the East was down .49 at 82.01. Missouri direct base carcass meat price is steady from 77.00 to 80.00 Terminal hogs are steady to 1.00 higher from 57.00 to 59.00 live.
Even though pork exports in 2012 will probably fall short of the red hot pace of 2011, they will remain at historically high levels according to DTN.
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