As expected on Tuesday, feedlot country is quiet. Feedlot managers are too bullish and packers are cautious due to poor margins so cattle trade will probably be delayed until late in the week. Beef salesmen are hoping they can keep cutouts moving higher. The choice beef was $2.00 higher on Monday, with select only .09 lower with decent early week movement. Asking prices are around 125.00 to 126.00 in the South, and 197.00 to 198.00 in the North.
Boxed beef cutout values are mixed in the noon report, choice beef is down .08 at 194.51, and select is .68 higher at 187.15
Joplin Regional Stockyards feeder cattle receipts totaled 5268 head on Monday. Compared to last week, steer calves traded steady to 2.00 higher, yearling steers were steady to 3.00 higher and feeder heifer calves steady to 3.00 higher. Yearling heifers were 1.00 to 3.00 higher. The demand was good on a moderate supply. Feeder steers, medium and large 1 weighing 500 to 600 lbs. traded from 165.00 to 187.00 per hundredweight, 6 to 7 weights from 149.00 to 173.00. Heifers weighing 500 to 600 lbs. brought 147.50 to 167.50, 6 to 7 weights from 138.50 to 150.00.
Barrows and gilts in the Iowa/Minnesota direct trade are not reported due to confidentiality, the west is 2.16 higher at 85.35, and the East is .16 lower at 79.60 on a carcass basis. Missouri direct base carcass meat price is steady from 75.00 to 76.00. Terminal hogs are .50 higher to 1.00 lower from 54.00 to 57.50 on a live basis.
The country movement of market hogs was limited on Monday; short-bought packers may find it necessary to resume more aggressive spending by today or tomorrow.
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