Cattle country is typically quiet on Tuesday with bids and asking prices still not well defined. However there are a few feedlot managers that are pricing showlists around 150.00 in the South and 240.00 plus in the North according to private sources. Significant trade volume is not expected to develop until Thursday or later.
Boxed beef cutout values are sharply higher in the morning report with the choice up 2.05 at 236.29, and select is 3.12 higher at 229.23.
Feeder cattle receipts at the Oklahoma National Stockyards on Monday totaled 7478 head. Feeder steers were mostly 6.00 to 10.00 higher, with instances of 10.00 to 15.00 more than last week. Heifers were mostly 4.00 to 6.00 higher. Steer calves 8.00 to 10.00 higher. Heifer calves 10.00 to 14.00 higher. Demand was very good for all classes. 316 head of feeder steers medium and large 1 averaging 580 pounds brought 241.51 per hundredweight. 140 heifers weighing 526 brought 233.67.
Barrows and gilts in the Iowa/Minnesota direct trade are 2.22 lower at 115.23 weighted average on a carcass basis, the West is down 2.05 at 115.25, and Eastern hogs are not reported due to confidentiality. Missouri direct base carcass meat price is 1.00 to 4.00 higher from 106.00 to 111.00. At Midwest markets barrows and gilts are steady to 1.00 higher from 76.00 to 83.00 on a live basis.
The pork carcass cutout value FOB plant is .40 higher at 123.74.
While hog numbers are settling back on a seasonal basis, there is little evidence yet to suggest that a severe shortage of hogs is in the process of developing. DTN’s early guess is that this week’s kill will total close to 1,930,000 head, no less than 2-3% below 2013.
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