Cattle country is quiet so far on Friday following light to moderate trade in most areas on Wednesday and a few scattered sales on Thursday. Private sources are reporting a few bids in in Kansas at 123.00 and Nebraska at 195.00. Due to the announcement of the ideling of the Cargill plant at Plainview, Texas, crashing futures and struggling beef cutouts it is making it difficult for buyers and sellers to agree on terms. Week to date trade volume remains quite limited, but other than some cleanup trade it is sounding like business may be done for the week.
Boxed beef cutout values were lower in the morning report with the choice down 1.18 at 191.02, and the select was 1.84 lower at 182.52.
Feeder cattle receipts at Missouri auctions this week totaled 37,348 head. Compared to last week, yearling steers and heifers sold steady to 5.00 lower. Steer and heifer calves were uneven from 4.00 lower to 5.00 higher, with most of the strength showing up on the lighter weight calves. Feeder steers, medium and large 1 weighing 500 to 600 pounds averaged 169.35 per hundredweight. 6 to 7 weight steers brought 153.76. 500 to 600 pound heifers averaged 148.07 and 6 to 7 weights at 140.47.
Barrows and gilts in the Iowa/Minnesota and Western direct trade areas are not reported due to confidentiality. Nationally the market is 3.84 lower at 80.35 on a carcass basis; the East is 2.81 lower at 80.36. Terminal hogs are steady to 2.00 higher on a live basis from 55.00 to 56.00. The Interior Missouri base carcass meat price is steady from 77.00 to 78.00.
Cash hog prices jumped substantially higher yesterday as packers finally had to address slow and inadequate country movement. Relatively small live inventory should require another display of greater spending today.
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