USDA Mandatory reported cattle trading was light to moderate in the Southern Plains on Friday morning on light demand. Compared to last week, early live sales are 1.00 lower at 127.00. Trading was light in Nebraska on light demand. Compared to last week, live sales are 1.00 lower at 127.00, with early dressed sales 2.00 to 3.00 lower at 201.00. Needless to say the combination of early trading in the country and the defensive board may make it difficult for the balance of feedlot managers to stick with higher asking prices. DTN says there guess is that near steady bids with last week would attract greater selling interest.
Boxed beef cutout values are lower in the morning report, with the choice down .40 at 195.92, and the select is .93 lower at 194.20.
Feeder cattle receipts at Missouri auctions totaled 322,150 head this week. Compared to last week feeder steers and heifers traded mostly steady to 5.00 lower. However some reporters commented on stocker type feeder steers with the right amount of quality and proper condition selling 5.00 to 10.00 higher. Pressure continues to weigh heavy on the market for those cattle heading to corn rations. Feeder steers medium and large 1 averaging 723 pounds brought 138.06 per hundredweight. 722 pound heifers averaged 128.68.
Barrows and gilts in the Iowa/Minnesota direct trade and the West are not reported due to confidentiality. Nationally the hog market is .92 lower on a weighted average at 72.85 carcass basis; Eastern barrows and gilts are down 1.56 at 72.85. Missouri direct base carcass meat price is steady to 2.00 lower from 66.00 to 71.00. Terminal hogs are fully steady from 47.00 to 55.00.
With less than a few weeks until the spring grilling season begins, one can’t help but suspect that wholesale pork prices are nearing a bottom with both foodservice and retailers waiting on jump into the market. .