Cash cattle bids few and far between

Chicago Mercantile exchange live cattle contracts settled 10 to 35 points lower on concerns over this week’s cash business. There was also some spreading of April/December contracts. December was down 35 at 84.60, and February was 10 points lower at 86.27. Boxed beef cutout values ended weak on light to moderate demand and offerings. Choice boxed beef was down .22 at 140.21, and select was .54 lower at 134.80

Feeder cattle ended 15 to 97 lower on spillover weakness from the live pit, and higher corn futures values. November settled 37 points lower at 93.87, and January was down 97 at 94.72.

Joplin Regional Stockyards feeder cattle receipts totaled 6215 head on Monday. Compared to last week, steers and heifers under 450 pounds were steady to 2.00 lower, 450 to 600 pounds 2.00 to 4.00 lower, over 600 pounds steady. Demand and supply was moderate. The bulk of the offerings were middle to heavyweight calves. Feeder steers medium and large 1 weighing 578 pounds traded at 100.00 per hundredweight, 513 pound heifers brought 86.85.

Tuesday’s cattle slaughter was estimated at 125,000 head, the same as last week, but 8,000 more than last year. Cattle country was quiet. Asking prices are firm at 88.00 to 89.00 in the South, with just a few bids reported by private sources at 85.00 in Texas. In the North feedlot operators are asking 136.00 to 137.00. The combination of last week’s smaller cattle slaughter and declining carcass weights should work to at least stabilize beef carcass value through mid month. It’s possible that seasonal strength in ribs and tenderloins could push the composite cut-out some higher according to DTN.

Iowa/Minnesota hogs closed .70 lower at 52.91 on a carcass basis, the West was down .51 at 53.35, and the East closed .72 higher at 52.27. Missouri direct base carcass meat price is steady at 48.00 to 51.00. Hog slaughter was estimated at 432,000 head, 3,000 less than last week and 3,000 more than last year.  Three plants will be closed on Wednesday in observance of Veterans Day. DTN says they understand two Hormel plants will make up the difference on Saturday. Cash prices are expected to be about steady for Wednesday.

Lean hogs settled 30 higher to 37 points lower in a generally quiet trade. On one hand the premium structure continues to be well preserved. Yet bullish specs seem reluctant to pad deferred months any more than they already have. December was down 17 points at 55.62, and February was down 20 at 63.12. Pork trading was moderate, with mostly light demand and offerings. The pork carcass cutout was down .58 at 58.18.

February pork bellies settled 22 points lower at 84.37 in an extremely limited trade, with only the spot month actually changing hands.