As expected on Tuesday cash cattle markets are quiet and the expectation is significant trade volume will not develop until the second half of the week. Bids and asking prices are not well defined, but a few showlists have been priced around 151.00 plus in the South and 245.00 plus in the North. Supplies of ready cattle in mid-March remain very light. New showlists distributed on Monday were generally smaller than the previous week with the largest decline evident in Texas.
Boxed beef cutout values are higher in the morning report with the choice up 1.68 at 244.53, and the select is 1.20 higher at 237.26.
Feeder cattle receipts at the Sioux Falls Regional Stockyards at Worthing, South Dakota totaled 4072 head on Monday. Compared to last week, feeder steers weighing less than 800 pounds were 4.00 to 7.00 higher, except 650 to 750 pounds 7.00 to 10.00 higher, over 800 pounds steady to 1.00 higher. Heifers weighing less than 850 pounds were 4.00 to 8.00 higher, with some 550 to 650 weights fully 10.00 higher. Feeder steers averaging 665 pounds averaged 199.40 per hundredweight. 685 pound heifers traded at 176.58.
Barrows and gilts in the Iowa/Minnesota direct trade are not reported due to confidentiality, the West is 1.57 lower with a weighted average of 117.09 on a carcass basis. There is no price comparison in the East at 113.44. Missouri direct base carcass meat price is 1.00 to 5.00 higher from 110.00 to 115.00. Terminal hogs are steady/firm to 2.00 higher ranging from 76.00 to 80.00 live.
The pork carcass cutout value is 1.68 higher at 244.53 FOB plant.
While PED data continues to be discouraging, supply is only one side of the market machine. Few doubt the market is susceptible to a reversal at any given point at current high prices, when fully passed through to the end consumer at the meat case, will reduce consumptive demand and hog prices could plummet even if supplies turn out to be even tighter than expected.