Cattle country is quiet on Monday with bids and asking prices not yet fully developed. The main item of business is the distribution of the new showlists. Last week’s limited trade volume totals especially in the South suggests this week’s offering should be larger. Positively, well margined packers should start out relatively short bought. The stability of late month beef cutouts will be a big factor in determining whether or not last week’s cash erosion can be stopped.
Boxed beef cutout values are lower with the choice down .81 at 197.19, and the select is 1.30 lower at 179.81.
Feeder cattle receipts at the Joplin Regional Stockyards on Monday totaled 5,000 head. Compared to last week, steer calves and yearlings opened 2.00 to 3.00 lower, with heifer calve s selling steady early. Demand and supply was moderate. Feeder steers medium and large 1 weighing 500 to 600 lbs. traded from 159.00 to 175.00. 5 to 6 weight heifers bought 154.00 to 166.50.
Barrows and gilt prices in the Iowa/Minnesota and Western direct trade are not reported due to confidentiality, nationally the market is 3.83 lower with a weighted average of 93.52 on a carcass basis, and the East is .03 higher at 92.36. Missouri direct base carcass meat price is steady to 8.00 higher from 85.00 to 92.00. Terminal hog prices are steady to 1.00 higher from 60.00 to 65.00.
The supply of ready barrows and gilts is expected to be smaller again this week, forcing packers to push cash bids higher, cut chain speed further, and demand more money for pork cuts.