Chicago Mercantile Exchange live cattle contracts settled unchanged to 42 points higher. Moderate gains were seen as traders began to look for tighter supplies. October ended .06 higher at 86.10, and December was up .42 at 85.77. Boxed beef cutout values ended firm on light demand and moderate to heavy offerings. Choice boxes were up .18 at 138.73, and select was .40 higher at 132.90
Feeder cattle ended 12 to 87 points lower on moderate gains in the corn futures on the Board of Trade. October was down 15 points at 96.45, and November settled at 96.55 down 17.
Feeder cattle receipts at the Oklahoma National Stockyards on Monday were estimated at 10,500 head. Feeder cattle were not well tested in the early rounds. Steer calves opened firm. Heifer calves are lightly tested and a few sales are steady. Demand was moderate to good for all classes with the least action on calves over 600 pounds. Feeder steer calves medium and large 1 weighing 500 to 525 pounds brought 107.00 to 107.75. 5 to 6 weight heifers traded from 95.00 to 102.00 per hundredweight.
Cattle slaughter was estimated at 123,000 head on Monday, 2,000 less than last week, and 1,000 under last year. Trade volume totals in the feedlot trade were larger in Kansas, but lower in Nebraska and Texas. The new show lists appear to be near steady in Texas, but smaller in Kansas, Nebraska and Colorado. Early asking prices are around 86.00 in the South, and 135 + in the North. With the combination of relatively modest trade volume last week, cattle buyers are likely to start out closer to the knife and needing live inventory.
Barrows and gilts closed steady to an instance of .50 lower from 28.00 to 32.50. Missouri direct base carcass meat price was 1.00 lower at 43.00 to 47.00. Iowa/Minnesota hogs closed .45 higher at 49.40, the West was up .43 at 49.49, and the East was down .74 on a carcass basis at 46.73. Hog slaughter was estimated at 435,000 head, 5,000 more than last week, and 3,000 greater than last year. Buyers may be forced to increase spending by midweek, but DTN says for the short term look for them to play tough. Tuesday’s market looks steady.
Lean hogs settled 35 to 110 points higher with only October down. The outside market support seen on Monday seemed to be one of the main draws to traders. Higher corn values leant additional support to the deferred issues. October settled 7 points lower at 49.87, and December was up 70 at 49.72. Pork trading was slow, with light demand and mostly moderate offerings. Pork carcass cutout value was up .73 at 55.48.
Pork bellies settled higher with on the upward movement in the lean hogs and buying activity in outside markets. The two front months were both up 200 points with February at 82.70, and March ended at 81.40.
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