Chicago Mercantile Exchange live cattle contracts settled 10 to 140 points higher on short covering and fund buying, Additional support in the back months came from higher corn values on the Chicago Board of Trade. October settled 117 points higher at 86.45, and December was up 140 at 85.75.
Feeder cattle ended the session 10 to 125 points higher on the strength in the live pit along with short covering and buy stops. September ended 10 points higher at 96.85, and October was up 102 at 97.87.
Feeder cattle receipts at the Ozarks Regional Stockyards at West Plains, MO yesterday totaled 3566 head. Steers weighing 450 to 700 pounds and heifers under 650 were 3.00 to 6.00 lower, steers weighing less than 450 and over 700 lbs and heifers over 650 lbs sold 1.00 to 3.00 lower. The supply was moderate and demand was uneven. Feeder steers medium and large 1 weighing 500 to 600 pounds traded from 97.50 to 105.50, 5 to 6 weight heifers from 83.00 to 91.00 per hundredweight. Boxed beef cutout values ended steady to weak on moderate demand and offerings. Choice beef was down .29 at 140.89, select was .02 higher at 134.40.
Wednesday’s cattle slaughter was estimated at 127,000 head, 15,000 more than last week, and 6,000 less than last year. Packer inquiry into the cattle has been generally light. Asking prices are around 86 to 87 in the South with bids at 82.00. In the North feedlot managers are asking 135 + and private sources report bids in Nebraska at 128 to 129. Some cattle in western Nebraska and Colorado traded at 83.00 to 83.50 yesterday, generally steady with last week. As long as the spot October holds a long premium over last week’s cash feedlot managers will probably hold tough on asking prices.
Barrows and gilts at the terminals were 1.00 higher to 1.00 lower from 27.00 to 35.50 on a live basis. The Missouri direct base carcass meat price closed steady to 1.00 lower from 43 to 47. Iowa/Minnesota barrows and gilts closed .16 higher at 49.79 on a carcass basis, the west was .01 lower at 50.05, and the East was .41 lower at 47.66. Hog slaughter was estimated at 432,000 head, 3,000 more than last week, but 2,000 less than last year. Packers appear to like their work and have a big appetite. If chain speed remains high, buyers may be required to lend a degree of stability to the country trade. Thursday’s market is projected to be steady to firm.
Lean hogs settled 70 to 130 points higher. The feel of the market was positive, although the overall tone of the market remains uncertain at best. Ample product continues to hit the market with very little indication that long term demand for pork will increase anytime soon. October was 105 points higher at 50.92, and December was up 130 at 50.05. The pork carcass cutout value was down 1.76 at 54.63.
Pork bellies settled 122 to 175 lower despite the rebound in the lean hogs. February closed 122 lower at 80.17.
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