DTN is reporting scattered feedlot business is developing in several areas near midday at 125.00 live in both the North and South. Volume is inadequate at this point to establish a trend, but a few deals look steady with last week. Given the way beef cutouts and processing margins continue to erode short bought packers are faced with the unpleasant chore of simply covering short-term slaughter needs. On the other hand, many feedlot operators continue to ask for higher money at 127.00 plus live and 203.00 plus dressed.
Boxed beef cutout values are lower with the choice down 1.19 at 182.27 and select is 1.06 lower at 180.07, with light to moderate box movement.
Feeder cattle receipts at Missouri auctions this week totaled 39,672 head. Compared to last week, feeder steers and heifers sold uneven, from 5.00 lower to 5.00 higher, with light weight calves less than 500 lbs. ranging from 15.00 lower to 5.00 higher. The supply of feeders was moderate to heavy, with several reporters noting more big strings of yearlings in the offering. Demand was moderate to good. 1491 head of feeder steers medium and large 1 averaging 625 lbs. traded at 161.17 per hundredweight. 1051 heifers weighing 627 brought an average of 143.30.
Barrows and gilts in the Iowa/Minnesota direct trade opened .98 lower at 84.77 on a carcass basis, the West was down 1.36 at 84.37, and the East was down .33 at 85.63. Missouri direct base carcass meat price was steady from 82.00 to 85.00. Terminal hogs were steady with an instance of 2.00 lower from 55.00 to 57.00 live.
With part of the Northeast likely to catch 1-2 feet of snow this weekend, the restaurant trade and general meat movement will be curtailed in major population centers.
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