main item of business in cattle country on Monday is the distribution of the new showlists. Bids and asking prices are not well defined but early asking prices should be around 126.00 to 129.00 in the South and 203.00 plus in the North. Cattle futures were trading higher at midday supported by the bullish cattle on feed report released on Friday. A higher board and weaker basis should help stiffen the resolve of feedlot operators. Adequate numbers of cattle moved in the North last week, while only a light trade took place in the South, that region may find themselves starting the week short bought.
Boxed beef cutout values were mixed in the morning report with the choice down .30 at 187.14, and select was up .40 at 182.26.
Feeder cattle receipts at the Erickson Spalding Livestock Auction, Erickson, Nebraska totaled 3900 head. Compared to two weeks ago, steers traded steady to 8.00 higher and heifers were steady to 5.00 higher. The demand was good with several buyers in the seats. 310 feeder steers with an average weight of 628 lbs. averaged 167.33 per hundredweight. 315 heifers weighing 635 pounds averaged 145.50.
Barrows and gilts in the Iowa/Minnesota direct trade opened 1.78 lower with a weighted average on a carcass basis of 0f 83.99, the West is down 1.81 at 83.95, and Eastern hogs are 1.03 lower at 81.95. Missouri direct base carcass meat price is steady to 2.00 higher from 79.00 to0 80.00. Terminal hogs are steady with an instance of 1.00 higher from 56.00 to 58.00 on a live basis.
On paper, pork processing margins look bleak with virtually no spread between estimated carcass value at wholesale and the Friday’s weight average negotiated price on Iowa’s dressed barrows and gilts.
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