Live cattle contracts settled 20 to 45 points lower on the Chicago Mercantile Exchange. Nervousness about overall fundamentals as well as a lack of follow through support from outside commodity markets had many traders second guessing the overall longer term direction of the market. October was down 45 points at 85.65, and December was down 17 at 85.60. Boxed beef cutout values were firm on light to moderate demand and offerings. Choice beef was up .20 at 138.93, and the select was .30 higher at 133.20.

Feeder cattle ended 47 to 80 points lower partly on the losses in the live pit. Slightly higher values in the corn pit also proved negative to feeder contracts. October ended 65 lower at 95.80, and November was down 77 at 95.77.

At the Joplin Regional Stockyards on Monday feeder cattle receipts totaled 3748 head. Compared to last week calves were steady to 3.00 higher, yearlings steady to 2.00 lower. Feeder steers medium and large 1 and 1-2 weighing 500 to 600 pounds at 92.00 to 108.50, 7 to 8 weights at 90.00 to 98.00. Feeder heifers weighing 500 to 600 pounds brought 83.00 to 99.00, 7 to 8 weights at 87.00 to 91.25.

Cattle slaughter was estimated at 125,000 head the same as last week and a year ago. The feedlot cattle trade is a typical early week sleeper, with preliminary bids poorly defined and asking prices far out of immediate reach from 86.00 to 87.00 in the South to 135.00 plus in the North. Trading is likely to be delayed until Thursday or Friday.

Barrows and gilts at the terminals were steady to 1.00 higher from 28.00 to 35.00 on a live basis. Missouri direct base carcass meat price is steady from 43.00 to 46.00. Iowa/Minnesota hogs closed .46 lower at 48.87 on a carcass basis, the West was down .42 at 48.87, and the East was .76 lower at 46.10. Tuesday’s hog slaughter is estimated at 439,000 head, 5,000 greater than last week, and 8,000 more than last year. The board’s solid jump following a lackluster hogs and pigs report was also unexpected, perhaps suggesting that psychology is on the verge of a positive shift. Wednesday’s cash bids are expected to be steady to weak.

Lean hogs settled 40 to 140 points higher. The outside market support seen early Monday seems to be one of the main draws to trader interest in the lean hogs. The lower cash markets at midday slowed the advance in the futures. October settled 40 points higher at 50.27, and December was up 45 at 50.17. Pork trading was moderate, with very light to light demand and moderate to heavy offerings. The lean carcass cutout was down 1.41 at 54.07.

Pork bellies closed higher across the board. The complex was very lightly traded, but the general feel of the market remained optimistic as traders took into account moderate gains in the lean pit. February settled 200 points higher at 84.70.