Live cattle contracts settled 10 to 60 points higher on the Chicago Mercantile Exchange on Tuesday. Support came from short covering and technical buying. Spreaders bought October and December and sold August. August settled 22 points higher at 84.92, and October was up 37 at 90.57. Boxed beef cutout values were generally steady on very light demand and light to moderate offerings. Choice beef was .11 lower at 142.97, and select was down 12 at 137.13.

Feeder cattle finished 10 to 82 points in the black on support from the gains in the live pit, buy stops and chart related purchasing. August was 45 points higher at 102.85, and September was up 62 at 102.94.

Feeder cattle receipts at Joplin, Missouri on Monday totaled 5820 head. Compared to last week steer calves were steady, heifer calves steady to 2.00 lower, yearling steers weighing less than 750 pounds steady to 1.00 higher, over 700 pounds and yearling heifers steady to 1.00 lower. Demand and supply was moderate. Feeder steers medium and large 1 weighing 737 pounds averaged 108.27 per hundredweight. 621 pound heifers at Joplin averaged 97.04.

Cattle slaughter was estimated at 127,000 head on Tuesday, 1,000 more than last week, and the same as last year. Cattle country remained quiet with just a few token bids in the South at 82.00 where asking prices are at 85.00. There were no bids reported in the North where feedlot operators were asking 135 +. Significant trade is not expected until the second half of the week.

Hog slaughter is estimated at 422,000 head, 6,000 more than last week, and 13,000 above last year. Barrows and gilts at the terminals traded steady to as much as 2.00 lower from 35.00 42.00 on a live basis. The Missouri direct base carcass meat price closed steady to 2.00 lower from 50.00 to 55.00. Barrows and gilts in the Iowa/Minnesota trade closed 1.39 lower at 55.72 on a carcass basis, the West was down 1.28 at 55.91, and the East finished 1.47 lower at 54.92.With surging pork production this week, wholesale demand will again be hard pressed to keep up with extra tonnage. Wednesday’s market is predicted to be lower. Pork trading was slow to moderate, with very light to light demand and moderate to heavy offerings. Pork carcass cutout value was down 2.11 at 62.04.

Lean hogs settled 40 to 232 points lower as trader liquidation was very evident. Just when the market seemed that a lull may be on the horizon another storm let loose with its fury according to DTN. The downward trek continues to indicate the overall supply of pork hitting the market is expected to create additional concern for the market long term. August settled 232 points lower at 56.85, and October was down 205 at 52.70.

Pork bellies settled lower on spillover pressure from the lean pit and the bearish expectations for overall pork demand over the next couple of months. August was down 85 points at 61.37, and February was down 70 at 83.30.