Direct cash cattle trade is off to another quiet start. Asking prices are around $120 plus live in the South, while the North remains quiet. Bids have yet to surface. There may be some light, scattered trade develop yet today, but it’s likely the bulk of the week’s business will be delayed until midweek or later.
Boxed beef was mixed at midday on light to moderate demand for moderate offerings. Choice is $1.43 lower at $265.06 and Select is $.02 higher at $249.51. The Choice/Select spread is $15.55.
At the Joplin Regional Stockyard in Missouri, compared to last week feeder steers were $3 to $4 higher and feeder heifers were $2 to $7 higher with the most gain on weights over 650 pounds. The USDA says supply was moderate and demand was good. Receipts were down on the week and up slightly on the year. Feeder supply included 53% steers and 50% of the offering was over 600 pounds. Medium and Large 1 feeder steers 604 to 649 pounds brought $162 to $178 and feeder steers 701 to 742 pounds brought $148 to $163. Medium and Large 1 feeder heifers 550 to 598 pounds brought $144 to $160 and feeder heifers 600 to 647 pounds brought $143 to $155.
Cash hogs prices have been delayed due to packer submission problems. Processors continue to monitor the availability of market-ready barrows and gilts. There has been strong demand on the global market and domestically for US pork and that continues to provide price support. The industry does expect that to continue. However, should a disruption occur, prices would likely tumble.
Butcher hog prices at the Midwest cash markets are steady at $75.
