Cattle country is slow to start on Wednesday without even a token bid picked up so far. Asking prices are around 127 plus in the South and 205.00 in the North. Significant trade volume could be delayed until Thursday or Friday.
Boxed beef cutout values are higher in the morning report with the choice up 1.51 at 191.96, and select .86 higher at 184.79.
Philip Livestock Auction Philip, South Dakota had receipts of 1731 feeder cattle on Tuesday. No comparison on prices as the last sale reported was three weeks ago. There was moderate demand for several long strings and many packages of feeder steers and heifers which sold on an active market. Feeder steers medium and large 1 weighing 960 pounds averaged 121.75 per hundredweight. 719 heifers traded at 128.78.
Barrows and gilts in the Iowa/Minnesota direct trade are .57 lower at 78.76 on a carcass basis, the West is down .27 also at 78.76, and the East is .65 lower at 73.34. Missouri direct base carcass meat price is steady to 1.00 lower from 71.00 to 77.00. Terminal hogs are steady to 1.00 lower from 50.00 to 54.00.
The mandatory pork carcass cutout report FOB Omaha has the carcass value up 1.56 at 82.79 with all cuts higher except ribs and butts.
Tuesday’s cash hog market once again reflected an encouraging combination: higher packer bids and light negotiated country receipts. Buyers are probably still short-bought at midweek.