There is very little action in feedlot country on Tuesday with packers still contemplating initial bids. Poor processing margins and lackluster beef demand are clearly contributing toward such caution. On the other hand firm asking prices are based on further signs of tight fed supplies. A few showlists have been priced around 129.00 to 130.00 in the South and 207.00 plus in the North.
Boxed beef cutout values are firm to higher with the choice up .14 at 191.09, and the select up .37 at 186.83.
Feeder cattle receipts at the Oklahoma National Stockyards on Monday totaled 6829 head. Compared to last week, feeder steers were steady to 3.00 lower. Feeder heifers were steady to 2.00 lower. The demand for feeder cattle was very uneven. Stocker steers and steer calves were steady to 2.00 higher. Stocker heifers and heifer calves trended mostly steady. Demand was very good, for stockers and calves. Feeder steers, medium and large 1 averaging 626 pounds traded at 162.07. 666 pound heifers brought 132.09.
Barrows and gilts in the Iowa/Minnesota direct trade are not reported due to confidentiality, the West is up 1.84 at 80.29 on a carcass basis and the Eastern market is down .03 at 76.82. Missouri direct base carcass meat price is steady to 1.00 higher on a light run at 72.00 to 79.00. Barrows and gilts at the terminals are steady to 1.00 lower from 50.00 to 54.50 live.
Between the recent surging of the cash index and the break in the spring lean hog futures last week, the board may now be more attractive to spec buyers. More specifically, the market is closer to a “typical” seasonal price advance for the May/June time period.