(Federal-State Market News)

St. Joseph, Mo.

July 5

RECEIPTS:      Auctions      Direct    Video/Internet       Total
This Week      000,000       27,200            39,200        66,400
This Week      156,200       35,700            46,100       238,000
Year Ago        17,000       34,300            29,000        80,300

   Compared to last week, feeder steers and heifers were not well tested nationwide 
this week, however a firmer undertone was noted at a very limited number of 
auctions.  This week, the Annual Beef BBQ Customer Appreciation Sale at Green City 
Livestock Auction in the hills of North Central Missouri realized some lofty heavy 
weight steer prices.  Three loads of steers weighing 916 to 931 lbs sold from 138.00 
to 141.10 for a weighted average of 139.80.  Buyers in attendance were readily poised 
to aggressively pursue the outstanding quality weaned calves and yearlings.  CME 
futures rallied higher for the week with Live Cattle gaining 2.08 to 2.65 and Feeder 
Cattle gaining 1.97 to 2.88.  Negotiated cash fed cattle traded on Wednesday at 
109.00 live in the Southern Plains this week while the Northern Plains traded at 
113.00 to 113.50 and 180.00 dressed.  Packers were said to be searching for fed 
cattle that will have a higher percentage of grading Choice or better.  Steer carcass 
weights increased 5 pounds from the previous week but is still 4 pounds below a year 
ago.  For the week, the Choice cutout closed 1.99 lower at 217.67, while Select was 
0.76 lower at 194.80.  Cattle Slaughter under federal inspection estimated at 573K 
for the week, 92K less than last week and 3K more than a year ago.  The May 
Restaurant Performance Index reported late last week posted an increase from the 
previous month at 101.6.  The Creighton University Rural Mainstreet Index climbed 
above growth neutral in June for a sixth time in the last seven months, according to 
the monthly survey of bank CEOs in rural areas of a 10-state region dependent on 
agriculture and/or energy.  More than one in four bank CEOs reported rising loan 
defaults due to farmer financial woes.  Almost half of bankers reported that due to 
crisis level farm income, farmers in their area have responded by selling the farm, 
or otherwise leaving the farm.  Auction receipts, state volumes, and prices are not 
reportable at this time, however as weekly reports are published this report will be 
Northwest Weighted Average Direct Feeder Cattle 
Weekly Summary WA-OR-ID-UT
July 5
Receipts:  190      Last Week:  419    Year Ago:  3,822

   Compared to last week:  No good comparison of steers or heifers
for an accurate market trend.  Demand for feeder cattle moderate as
buyers taking a wait and see attitude.  Supply consisted of 100 percent
over 600 lbs. and 50 percent heifers.  Unless otherwise stated prices are
FOB weighting points with 2-3 percent shrink or equivalent and a 5-10
cent slide on calves and a 4-12 cent slide on yearlings from base
weights.  Current sales are up to 14 days delivery. 

               Feeder Steers Medium and Large 1
 Head   Wt Range   Avg Wt    Price Range   Avg Price  Delivery
   35      740       740       142.00         142.00   Current Del   
   60      875       875       126.00         126.00   Current Del   

                Feeder Heifers Medium and Large 1
 Head   Wt Range   Avg Wt    Price Range   Avg Price  Delivery
   35      670       670       134.00         134.00   Current Del   
   60      850       850       118.00         118.00   Current Del 

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