Cattle country is relatively quiet with just a few bids in Nebraska at 182.00 to 184.00. Asking prices there are 190.00 plus on the dressed basis. No bids are reported in the South and asking prices are 120.00 to 121.00 on a live basis. DTN is reporting fed cattle slaughter may dip from around 510,000 head last week, to the 490,000 to 495,000 head area over the next two weeks before working back up into the 500,000 to 505,000 head range later in the month or early September.
Boxed beef cutout values are sharply higher with the choice up 1.28 at 179.72, and the select 1.76 higher at 174.16.
Cattle receipts at the Joplin Regional Stockyards on Monday totaled 2606 head. Compared to last week, steer and heifer calves were 5.00 to 10.00 higher, yearlings trended 4.00 to 6.00 higher. Demand was good on a light supply. There were more cattle buyers in the seats than in previous weeks competing for a limited supply of calves and yearlings. Feeder steers, medium and large 1 weighing an average of 575 lbs. brought 141.34 per hundredweight. 572 lb. heifers traded at 131.26.
Barrows and gilts in the Iowa/Minnesota direct trade opened 1.20 lower at 90.67 on a carcass basis, the West was down .73 at 90.66, and the East is .83 lower at 84.59, Missouri direct base carcass meat price is steady from 84.00 to 86.00. Terminal hogs are steady to 1.00 higher from 56.00 to 60.00.
Pork processing margins have slipped back into the black as of the past couple of days. Indeed, the carcass value jumped more than a buck higher yesterday thanks to stronger demand for loin and rib cuts.
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