The major direct feedlots are at a standstill but we could see a little bit of clean up following this afternoon’s USDA numbers. The monthly cattle on feed and cold storage numbers, along with the semiannual cattle inventory update, are out at 2 PM Central. Trade volume Wednesday was mostly moderate and there was some clean up Thursday, and what’s left on the showlists are priced around $110 in the South and $176+ in the North with a few bids at $175 in Nebraska.
Boxed beef cutout values at midday were lower with Choice down $.89 at $175.70 and Select $.98 lower at $170.30
Today’s cattle slaughter is expected to be around 125,000 head, which would be down on the week and year.
Cash hogs are mostly steady in the early going. After strong trade volume Thursday, many packers have the needed numbers in hand but some still need supplies for late this week and early next week.
Butcher hogs at the terminals are steady at $61 to $65. The Missouri Direct base carcass meat price is steady to $1 higher at $88 to $90 with sows steady to $1 higher at $49 to $57. Illinois direct sows are steady to firm at $47 to $55.
The Eastern Cornbelt opened $.27 higher at $92.03, the Western Belt was $.35 higher at $95.83 and Iowa/Southern Minnesota was up $.26 at $95.85.
Pork trade at midday was slow with light demand and light to moderate offerings. Fresh loins were weak and processing cuts and lean trimmings were not tested.
The hog kill should be around 386,000 head and Saturday’s seen at only 2,000 or so.
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