Chicago Mercantile Exchange live cattle traded mostly higher. Traders expressed optimism over this week’s cash cattle prices. Spreading and buy stops were the main features. October settled 55 points higher at 83.80, and December was up 7 at 85.65. Boxed beef cutout values ended the day steady to firm on light to moderate demand and offerings. Choice beef was down .23 at 135.37, and select was .71 higher at 131.96.
Feeder cattle followed the lead of the live pit and closed higher. There was some spreading, buying January and selling November. October was up 40 points at 94.12, and November settled 45 higher at 94.60.
Feeder cattle receipts at the Huss Platte Valley Auction in Nebraska totaled 1450 head. Compared to last week steers trended steady while heifers were steady to 3.00 lower. Demand and trade activity was moderate to good. Feeders medium and large 1, 785 pound steers averaged 96.04, 521 pound heifers brought 92.09.
Cattle slaughter was estimated at 124,000 head the same as last week but 2,000 less than last year. Feedlot country was quiet on Thursday afternoon. Buyers were clearly more visible in the North bidding 80 to 81 live and 125 to 126 on a dressed basis. While a few straight bids were evident, many bids still carry discounts for carcasses over 1,000 pounds. Asking prices in the South are around 84 +, and 128 to 130 in the North.
Barrows and gilts at the terminals trended fully steady on a live basis from 27.00 to 33.00. Missouri direct base carcass meat price is steady from 42.47. Iowa/Minnesota hogs closed .86 lower at 48.92 on a carcass basis, the West was down .53 at 49.50, and the East closed .14 higher at 49.12. Thursday’s hog slaughter was estimated at 435,000 head the same as last week, but 6,000 more than last year. Iowa barrows and gilts last week averaged 268.9 pounds, 0.5 pounds heavier than the previous week and 3.2 pounds above 2008. We probably remain at least 4-6 weeks away from a seasonal top. Russia will lift H1N1 flu related bans on meat imports starting October 15th, according to a statement on the countries agricultural and veterinary watch dog web site on Wednesday.
Lean hogs settled higher despite steady to lower cash prices. Higher pork cutout values this week helped to support the market. December settled 22 points higher at 54.47, and February was up 45 at 60.70. Pork trading was slow to moderate, with light to moderate demand and offerings. The pork carcass cutout value was up .30 at 56.20.
Pork bellies settled lower and there was very little trade activity in the belly pit with only the February contract quoted. Profit taking and sell stops were the main features. February settled 105 points lower at 82.25.
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