Private sources are reporting a few bids on the feedlot cattle at 123.00 in Kansas, and 193.50 dressed in Nebraska, but so far bids are being passed. Asking prices are around 127.00 to 128.00 in the South and 203.00 plus in the North. Significant trade volume could be delayed until Thursday or Friday.
Boxed beef cutout values are down .45 at 194.60 on choice, and select is .98 lower at 175.54.
Philip Livestock Auction, Philip, South Dakota had receipts of 7037 feeder cattle on Tuesday. No price comparison was made as the last sale was three weeks ago. There was very good demand for many long strings and packages of feeder steers and heifers which sold on a very active market for the weaned calf special. 727 head of feeder steers averaging 520 lbs. brought 176.51 per hundredweight. 345 heifers with an average weight of 519 brought 156.18 at Philip.
The morning direct trade hog reports were not available due to packer submission problems. The Missouri direct base carcass meat price is 6.00 higher from 76.00 to 80.00. Terminal hogs are steady to 1.00 higher live from 53.00 to 58.00. Illinois direct trade barrows and gilts on a live basis are mostly steady from 53.00 to 59.00. Illinois sows are 2.00 lower from 40.00 to 56.00.
The pork cutout moved a dollar higher to start the week, with picnics and hams providing the most support. Look for the cutout to drift mostly sideways to slightly higher over the next two to three weeks, as increases in fresh pork prices offset declining processed item values, namely hams.