There still doesn’t appear to be more than light buying interest in the feedlot cattle yet today. Interest should slowly begin to show improvement especially in the North. It looks like Nebraska traded about 10,000 head on Thursday mostly at 190.00 with a late string at 188.00 to a major buyer. Asking prices are around 121.00 plus in the South and 190.00 plus in the North.
Boxed beef cutout values are higher in the morning report, choice beef is up 1.77 at 184.29, and select is .97 higher at 177.60.
Feeder cattle receipts at the Valentine, Nebraska Livestock Auction on Thursday totaled 3560 head. Compared with last week, steers traded unevenly steady and heifers traded steady to 3.00 lower. There were several load lots of Sandhill reputation offerings with a slight demand for drug free offerings. Demand was good with several buyers in the seats. 304 head of feeder steers, medium and large 1 averaging 870 lbs. brought 138.72 per hundredweight. 319 heifers of the same weight and quality traded at an average of 128.99.
Barrows and gilts in the Iowa/Minnesota direct trade opened 1.32 lower at 88.76 on a carcass basis, the West is down 1.57 at 88.59, and the East is 1.48 lower at 83.98. The Missouri direct base carcass meat price is steady from 84.00 to 86.00. Terminal hogs are steady to 1.00 higher from 57.00 to 61.00.
Fresh pork cuts were not tested in the morning report.
Sow slaughter in the week ending July 28 totaled 62,500 head, 5.5% more than 2011 and the largest weekly total seen this year. This represents further proof that herd liquidation is in high gear, a downshifting that bodes well for smaller production and higher prices in 2013 , according to DTN.