Direct cash cattle trade activity is taking its sweet time developing this week.  Bids have yet to surface and buyers appear to be holding out at this point.  Asking prices are at $152 live in the South and $245 dressed in the North.  It could be Thursday or Friday before significant trade volume develops. 

Boxed beef was lower at midday on light demand for solid offerings.  Choice is $.12 lower at $264.82 and Select is $.05 lower at $246.  The Choice/Select spread is $28.82. 

At the Philip Livestock Auction in South Dakota, compared to last week feeder steers under 450 pounds were $2 to $3 lower, steers 450 to 600 pounds were $6 lower, steers 600 to 700 pounds were $2 to $3 lower. 

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