Cattle country is slow to start on Friday with just a few bids in Nebraska at 198.00 to 201.00. Significant trade should start to develop sometime today. Asking prices have firmed in the face of yesterday’s higher futures and are now around 131.00 to 133.00 in the South and 207.00 plus in the North.
Choice boxed beef in the morning report was down .09 at 194.82, but the select is 1.13 lower at 182.15.
Ogallala Livestock Auction, Ogallala, Nebraska had receipts of 6825 cattle on Thursday. There was no comparison due to no feeder sale last week. Demand was good on all weights of cattle. Red Angus heifers were in big demand. 581 steers averaging 720 lbs. traded at 153.90 per hundredweight. 461 heifers averaging 673 lbs. brought 145.78.
Barrow and gilt prices in the Iowa/Minnesota and Western direct trade areas are not reported due to confidentiality. Nationally the market on a negotiated basis including packer sold is 1.70 higher at 83.04 on a carcass basis, the East is down .65 at 80.64. Barrows and gilts at the terminal were fully steady from 51.50 to 56.00 live. Missouri direct base carcass meat price was not available.
If last week’s quarterly hogs and pigs report accurately detected plans of herd expansion in the pork industry, renewed strength in deferred lean futures and softer corn prices may well be causing these plans to accelerate.
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