Chicago Mercantile Exchange live cattle contracts settled 2 to 197 points lower on outside market pressure. Buy stops and spreading were the main features. The August contract expired at noon down 197 points at 82.67. October was down 2 at 86.67. Boxed beef cutout values were steady to firm on light to moderate demand and offerings. Choice beef was up .49 at 144.04; select was .13 higher at 136.01.

Feeder cattle settled 25 to 90 points lower on pressure from the live pit and bear spreading. Even though grain prices were weak, very little interest was seen in the feeder markets to instill additional buying activity. September finished 90 points lower at 97.25, and October was down .62 at 97.42.

Feeder cattle receipts at the Oklahoma National Stockyards totaled 9600 head. Feeder steers and heifers opened 1.00 to 3.00 lower. Calves were 1.00 to 2.00 lower on a light test. The early demand was moderate. Feeder steers medium and large 1 weighing 500 to 600 pounds traded from 104.25 to 109.25. 500 to 575 pound heifers traded from 97.00 to 104.50 per hundredweight.

Cattle slaughter was estimated at 128,000 head, 2,000 more than last week, last year was a holiday. Formula totals in the cattle last week were larger in Kansas and Texas, but smaller in Nebraska. Overall trade volume was larger, especially in Texas. The new show lists are smaller in the South, but larger in the North. Preliminary asking prices are around 87.00 to 88.00 in the South and 136.00 + in the North.

Barrows and gilts at the terminals were fully steady from 25.00 to 32.00 on a live basis. The Missouri direct base carcass meat price closed steady from 39.00 to 43.00. Iowa/Minnesota hogs closed .73 higher at 47.70 weighted average on a carcass basis, the West was up .45 at 47.62, and the East closed .07 lower at 44.08. Monday’s hog slaughter was estimated at 430,000 head, 9000 more than last week, last year was a holiday. While a major recovery in the hog market isn’t expected, the country should continue to stabilize as long as the wholesale market hangs in there. Processing margins are quite good encouraging packers to keep country receipts rolling in order to feed fairly ambitious slaughter levels. Tuesday’s market is expected to be near steady.

Lean hogs settled 70 points higher to 22 lower. The early trade was pressured by the overall bearish tones from the outside markets. Additional buying support entered the market by mid-session and most contracts ended higher. October was up 7 points at 48.15 and December was down 22 at 46.22. Pork trading was very slow, with mostly light demand and light to moderate offerings. The pork carcass cutout value was down .08 at 57.82.

Pork bellies closed lower on the downward movement in most commodities. February was down 25 points at 76.25.