We should start to see some bids today on the cattle around 123.00 to 124.00 south, and 192.00 to 193.00 North. Yet unless the board crashes big time and or basis opportunities suddenly present themselves, asking prices are likely to stay firm around 128.00 plus in the South, and around 198.00 plus in the North. Cattle futures at midday were moderately lower curbed by beef demand concerns and guarded ideas regarding feedlot potential.
Choice boxed beef in the morning report was down .29 at 193.10, and select was .08 higher at 174.67.
Feeder cattle receipts at the Philip Livestock Auction at Philip, South Dakota totaled 8061 head. Compared to last week feeder steers traded 2.00 lower to 2.00 higher, and heifers were 3.00 lower to 5.00 higher. There was a very good demand for several long strings of feeder steers. The spayed yearling heifers and replacement heifer calves sold on a very strong active market at Philip Livestock. 852 head of feeder steers, medium and large 1 averaging 521 lbs. traded at 169.78 per hundredweight. 1316 heifers weighing 916 lbs. brought an average of 139.66.
Barrows and gilts in the Iowa/Minnesota direct trade are 1.46 lower at 75.99 on a carcass basis, the West is down 1.23 also at 75.99, and the East is 1.46 lower at 74.41. Missouri direct base carcass meat price is 1.00 lower from 70.00 to 76.00. Terminal hogs are steady to an instance of 3.00 lower from 50.00 to 55.00 live basis.
Profitable pork processors have ambitious slaughter plans for this Saturday with a schedule involving at least 225,000 head. Such an appetite could lend cash support through the balance of the week.