Cattle buyers and sellers are once again destined to engage in last minute business. The country is slow to start with just a few bids in Nebraska at 192.00 to 194.00. Asking prices in the North are at 196.00 plus, and in the South feedlot operators are asking for 125.00. Significant trade may not develop until after the release of the cattle on feed report this afternoon. Average trade guesses suggest August placements of cattle to be down 8 to 9%, marketing’s off 4 to 5% and total on feed numbers down 6 to 7%.
Boxed beef cutout values are lower in the morning report, choice beef is down .56 at 192.45, and select is .79 lower at 196.11.
Feeder cattle receipts at Missouri auctions this week totaled 25,558 head. Compared to last week, calves sold steady to 4.00 lower and yearlings sold mostly steady. As typical and more expected for this time of year much of the week’s offering was made up of new crop calves. Overall demand was good but yearlings and calves with shots, weaning programs and black hided found the best demand. Feeder steers medium and large 1 averaging 576 pounds brought 167.40 per hundredweight. 572 pound heifers averaged 155.16.
Barrows and gilts in the Iowa/Minnesota, Eastern and Western direct trade areas are not reported due to confidentiality. Nationally the market is 1.98 lower with a weighted average of 92.97 on a carcass basis. Missouri direct base carcass meat price is steady from 89.00 to 90.00. Terminal hogs are steady to a 1.00 higher from 64.00 to 68.00 live.
The pork cutout value is up .08 at 99.38 FOB plant in the morning report on a negotiate basis.
The midweek moratorium on hog spending didn’t last long. Short-bought packers quickly resumed higher bids on Thursday, chasing numbers that just don’t seem to be there.
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