Cattle country is quiet on Monday with the main item of business the distribution of the new showlists. Only a moderate trade was seen in most feeding areas last week, so showlists may be somewhat larger this week thanks to unsold cattle. Early asking prices are likely to be around 125.00 to 126.00 in the South and 193.00 to 195.00 in the North.
Boxed beef cutout values were higher in the morning report with the choice up .62 at 190.61, and select was .77 higher at 176.41.
Feeder cattle receipts at the Oklahoma National Stockyards on Monday totaled 7000 head. Compared to last week feeder steers and heifers are not well tested in the early rounds. The bulk of the early sales weighed less than 600 lbs. Steer and heifer calves opened 4.00 to 12.00 higher, with most of the advance weighing less than 500 lbs. steer calves weighing 500 to 550 lbs. traded at 158.00 to 172.00. Heifer calves weighing 500 to 550 lbs. brought 141.50 to 143.00.
Barrows and gilts in the Iowa/Minnesota direct trade are not reported due to confidentiality. The West is down .87 at 78.94 on a carcass basis, and the East is .35 lower at 78.77. Missouri direct base carcass meat price is steady to 3.00 higher at 73.00. Terminal hogs on a live basis opened steady to 2.00 higher from 50.00 to 56.00.
Pork processors are enjoying decent margins, a reality that should sponsor both cash stability and aggressive chain speed.