It is a typical Tuesday in cattle country without even a token bid on the table. Bullish expectations in the cash cattle trade received an early shot in the arm yesterday thanks to impressive strength in both futures and boxed beef. Early asking prices are firm at 122.00 to 123.00 in the South and 195.00 plus in the North.

Boxed beef cutout values were mixed in the morning report, with the choice .02 lower at 191.01, and select was up .83 at `86.53.

Feeder cattle receipts at the Joplin Regional Stockyards on Monday totaled 4435 head. Compared to last week, yearling feeder cattle sold steady with some firmness noted on the load lot heifers. Steer and heifer calves trended mostly steady to 2.00 lower. Demand was mostly moderate with some increased interest on the reputation calves and larger consignments of yearlings. Supply was moderate and quality as a whole was on the plainer side with buyers wishing for more cattle that would satisfy Northern orders. Feeder steers medium and large 1 weighing 550 to 600 lbs. traded from 166.00 to 182.00, 6 t0 7 weights from 154.00 to 167.50. 5 00 to 600 lb. heifers brought 147.50 to 164.50, 6 to 7 weights from 144.00 to 149.00.

Barrows and gilts in the Iowa/Minnesota direct trade opened 2.93 higher at 81.29 on a carcass basis, the West is up 2.86 also at 81.29, and the East is .83 higher at 75.42. Missouri direct base carcass meat price is steady to 2.00 higher from 72.00 to 76.00. Terminal hogs opened steady to 1.00 higher from 50.00 to 53.00 live.

Pork trading is at a near standstill with fresh retail and processing cuts not established,

Yesterday’s  higher dressed carcasses sales and limited market hog receipts suggests that pork processors have started the week fairly short bought according to DTN.

The main item of business in cattle country on Monday is the distribution of the new showlists. Bids and asking prices are not fully established. Friday’s cash trade stretched into the early evening hours with moderate to active trade in Kansas and Texas at 120.000, mostly steady with last week. Northern business was moderate with dressed deals ranging from 192.00 to 194.00, mostly 192.00 steady to 2.00 lower. Showlists this week are expected to be generally larger. It will be critical to see if the boxed trade can stabilize or whether further erosion in carcass value is in the cards.

Choice boxed beef in the noon report is up .87 at 189.97, the select is 2.24 higher at 185.59.

Feeder cattle receipts at South Dakota Auctions last week totaled 9325 head. Compared to the previous week, feeder steers weighing less than 600 lbs. were 7.00 to 8.00 lower, 600 to 750 lbs. were 2.00 to 4.l00 lower, over 700 lbs. steady to 5.00 higher. Feeder heifers were mostly 1.00 to 3.00 higher. Demand and trade activity was moderate this past week. 522 head of feeder steers medium and large 1 averaging 773 lbs. brought 151.94 per hundredweight. 336 heifers weighing 726 lbs. brought 144.07.

Barrows and gilts in the Iowa/Minnesota direct trade are down 1.60, the West is 1.51 lower with both at 76.60 weighted averages on a carcass basis, and Eastern markets are .11 higher at 74.14. Missouri direct base carcass meat price is steady to 2.00 higher from 70.00 to 76.00. Terminal hogs are steady to 1.00 higher from 50.50 to 52.150 live.

Given the combination of higher prices and limited country receipts in hog country on Friday, pork packers closed the week fairly close to the knife. If so, they could start out in a similar state of hunger this week.