Feedlot country is quiet on Friday with most business completed for the week. Business totals generated yesterday are estimated around 18,000 in Texas, 30,000 head in Kansas and 20,000 in Nebraska. Live prices in the South averaged 125.00, 1.00 lower than last week. On the other hand, most of the dressed business in the North averaged 202.00, 1.00 to 2.00 lower. Any cattle left on the show lists are priced around 126.00 plus in the South and 203.00 to 205.00 in the North.
Boxed beef cutout values were near steady at midday with the choice up .35 at 183.81, and the select was .03 higher at 183.15.
Feeder cattle receipts at Missouri auctions this week totaled 29,954 head. Compared to last week feeder steers and heifers sold steady to 4.00 higher. Auctions across the state saw various up, down and sideways movement in the market, but local trends were much more mild than has been seen over the past several weeks and generally contained single digits. When all was said and done, the feeder market was sure enough steady to 4.00 higher statewide. Feeder steers, medium and large 1 weighing 500 to 600 lbs. averaged 185.63, 6 to 7 weights at 169.31 per hundredweight. 500 to 600 pound heifers averaged 163.31 and 6 to 7 weights at 152.54.
Barrows and gilts in the Iowa/Minnesota direct trade are .33 higher; the West is down .53 with both at 79.81 on a carcass basis, Eastern markets are .93 lower at 76.36. Missouri direct base carcass meat price is steady to 1.00 lower from 73.00 to 77.00. Terminal markets are steady in a light test with tops from 54.00 to 57.00 live.
If the government moves to explain larger than expected market hog numbers seen since the first of the year by revising previous breeding herd totals higher, the March 1 inventory could prove to been even more supply-negative than average trade guesses anticipate.