Cattle country is quiet today following an active trade yesterday in Nebraska, around 31,000 head traded. Dressed deals in the North ranged from 191.00 to 193.00, mostly 191.00. Light to moderate trade took place in Texas, with live deals from 118.00 to 119.00, mostly 119.00. Although we may pick up a little cleanup business today, it sounds like business is essentially done for the week according to DTN.
Boxed beef cutout values are mixed at midday with the choice up .41 at 198.58, and the select is down .55 at 181.41.
Feeder cattle receipts at the Mitchell Livestock Auction, Mitchell, SD totaled 7516 head on Thursday. Feeder steers and heifers sold mostly steady with a weaker undertone prevailing as cattle futures moved sharply lower over the last few days. However firmness was noted on yearling cattle weighing over 900 lbs. There was good demand for both calves and yearlings. 650 head of feeder steers medium and large 1 weighing 925 lbs. averaged 140.20 per hundredweight. 675 heifers weighing 925 brought 132.38 at Mitchell.
Barrows and gilts in the Iowa/Minnesota direct trade are 3.38 higher; the West is up 3.63 with both at 99.73 on a carcass basis, Eastern markets are .77 higher at 92.41. Missouri direct base carcass meat price is 1.00 to 2.00 higher from 84.00 to 85.00. Terminal hogs in a light test are steady/strong to .50 higher from 59.00 to 63.00.
Red hot demand for wholesale pork actually seems to be getting hotter. The cut-out surged more than $2 higher with all major primals making significant contributions on Thursday.
Although short-term hog supplies are clearly tight, unless the data in recent USDA hog reports are dead wrong, weekly slaughter volumes will turn significantly higher no later than late July.