Chicago Mercantile Exchange live cattle contracts settled unchanged to 42 points higher with spreading and short covering the main features. There was some position squaring on the final trading day in November. December settled unchanged at 83.20, and February was 25 points higher at 85.72. Boxed beef cutout values ended the day steady to weak on light demand and offerings. Choice beef was up .20 at 141.63; select was .42 higher at 133.36.

Feeder cattle contracts ended 45 to 65 higher on short covering and the near-bys discount to the board’s feeder cattle index. Additional support came from firmer values in the live pit. January settled 45 points higher at 92.95 and March was 60 higher at 93.75.

Cattle country was generally quiet, yet there were a few preliminary bids at 83.00 to 84.00 in the South. The new show lists appear to be mixed, larger in the South and smaller in the North. The overall offering appears to be generally steady with last week. Asking prices are around 86.00 to 87.00 in the South and 135 + in the North. The Monday slaughter was estimated at 120,000 head, 5,000 less than last week, but 1,000 greater than last year.

Feeder cattle receipts at the Oklahoma National Stockyards totaled 9800 head. Feeder cattle and heifer calves were steady, and steer calves were steady to 1.00 higher at mid-session. Demand was moderate to good for all classes. The quality was plain to average. Feeder steer calves medium and large 1 weighing 500 to 575 pounds brought 103.00 to 111.25 per hundredweight. 550 to 600 pound heifer calves traded from 85.00 to 91.75.

Iowa/Minnesota hogs closed .77 higher at 56.93 on a carcass basis, the West was .49 higher at 57.15, and the East closed .74 higher at 54.73. Missouri direct base carcass meat prices closed steady to 1.00 higher from 48.00 to 52.00. Monday’s hog slaughter was estimated at 431,000 head, 5,000 more than last week, but 2,000 less than last year. The week after Thanksgiving often sees the largest hog slaughter of the fourth quarter. This extra surge in production could stop the recent rally in carcass value dead in its tracks.

Lean hogs settled 7 to 45 points lower, and overall trade activity was light. There continues to be a wide spread in prices between the December and February contracts. With December contracts expiring in nearly two weeks, most of the trade has moved to the February contract.  December was down .42 at 58.60, and February settled 45 points lower at 66.87. Pork trading was slow with light to moderate demand and offerings. The pork carcass cutout value was .04 lower at 61.83.

Pork bellies settled 62 to 145 points lower on the light to moderate pressure in the lean pit. Overall buying activity is expected to remain light through midweek. February settled 70 points lower at 86.05.