It is a typical Tuesday in cattle country with bids and asking prices still not well defined due in part to yesterday’s crashing livestock futures market. Basis opportunities could always spark early action, but if both sides remain cautious, significant trade volume should be delayed until Thursday or later.
Choice boxed beef in the morning report is up .29 at 190.18, but the select is down .20 at 183.71.
Feeder cattle receipts at the Oklahoma National stockyards on Monday totaled 9950 head. Feeder steers and heifers were 3.00 to 6.00 lower. Steer and heifer calves’ trended 2.00 to 4.00 lower, thin fleshed grazing cattle were at the least decline. Quality was mostly average. Feeder steer calves averaging 641 pounds brought 144.52 per hundredweight. 825 pound steers traded at 127.49. 671 pound heifers averaged 127.58, and heifers weighing 827 averaged 116.80 per hundredweight.
Barrows and gilts in the Iowa/Minnesota direct trade opened 1.43 higher at 80.44 on a carcass basis, the West is up 2.27 at 80.44, and the East is down 1.51 at 73.24. Missouri direct base carcass meat price is steady to 1.00 lower from 72.00 to 77.00. Terminal markets are steady with an instance of 1.00 lower from 51.00 to 55.00 on a live basis.
The mandatory pork report FOB Omaha has the pork carcass cutout value .25 higher at 81.23. All cutouts were higher with the exception of bellies.
Despite steady/firm bids on Monday, negotiated trade volume of barrows and gilts was very limited. Greater spending may be required through the week in order to fund slaughter plans.