Another quiet start to the day for direct cash cattle trade activity. Some early asking prices have surfaced around $122 plus live in the South and $199 plus dressed in the North. Bids have been scarce. Trade could start to develop today, but it’s likely significant trade volume will be delayed until Wednesday or later.
Boxed beef was sharply higher at midday on good demand for light offerings. Choice is $4.06 higher at $285.06 and Select is $2.63 higher at $266.01. The Choice/Select spread is $19.05.
At the Joplin Regional Stockyards in Missouri, compared to last week feeder steers were steady and feeder heifers were steady to $4 higher. The USDA says supply and demand were moderate. Receipts were down slightly on the week and down on the year. Feeder supply included 57% steers and 54% of the offering was over 600 pounds. Medium and Large 1 feeder steers 503 to 549 pounds brought $167.50 to $183 and feeder steers 603 to 643 pounds brought $165 to $181. Medium and Large 1 feeder heifers 553 to 598 pounds brought $147 to $162.50 and feeder heifers 600 to 649 pounds brought $142 to $155.
Cash hogs are lower at midday with moderate negotiated purchases.
