Live cattle contracts settled unchanged to 60 points higher on the Chicago Mercantile Exchange on Thursday. Light to moderate buying was seen in nearby contracts as traders tried to balance the sharp losses at midweek. Deferred contracts struggled as the overall longer term fundamentals seemed unable to give traders enough confidence to remain active in the market. December was up 60 points at 83.67, and February was up .40 at 85.37. Boxed beef cutout values were lower on the choice and steady on select on moderate demand and moderate to heavy offerings. Choice beef was down 1.14 at 139.61, and select down .05 at 132.07.
Feeder cattle settled 25 higher to 10 points lower after showing moderate gains early in the session. Traders appeared to be relatively directionless. November was up 7 points at 93.02, and January was 10 higher at 91.82.
Hub City Livestock Auction, Aberdeen, SD had receipts of 7,007 cattle on Wednesday. Yearling feeder steers and heifers were steady to 2.00 lower than last week. Steer calves were steady to 1.00 higher. Heifer calves trended unevenly steady. There was good to very good demand on calves and moderate to good demand on yearling feeders. Feeder steer calves medium and large 1, 776 head weighing 619 pounds averaged 101.57, 591 heifers weighing 578 pounds traded at 90.38 per hundredweight.
Cattle slaughter was estimated at 120,000 head, 4,000 less than last week, and 7,000 fewer than a year ago. Country cattle trade was pretty much at a standstill on Thursday afternoon, with bids generally few and far between. Trade volume for Wednesday was moderately active in Nebraska and Kansas, but generally light in Texas. Lives sales in the South this week were mostly 83.00 to 84.00, in the North they were 80.00 to 84.00, and dressed sales mostly at 130.00. Northern business appears to be done for the week, but we could see more activity surface in Texas.
Barrows and gilts in the Iowa/Minnesota direct trade closed .06 higher at 50.68 on a carcass basis, the West was .04 lower at 50.71, and the east was down .45 at 49.76. Missouri direct base carcass meat price was steady from 47.00 to 48.00.Thursday hog slaughter was estimated at 435,000 head, 6,000 more than last week, and 3,000 less than last year. Iowa barrows and gilts may be finally getting lighter. Market hogs averaged 270.4 pounds last week, .9 pounds lighter than the previous week and only 2.8 pounds heavier than 2008. Friday’s market looks about steady.
Lean hogs settled mostly lower pressured by weak cash markets and weaker pork values as well as continuing concern the overall market may not be able to rebound in the near future. December ended 47 points lower at 55.97, and February was down 95 at 63.27. Pork trading was slow, with light to moderate demand and offerings. Pork carcass cutout value was up .15 at 56.94.
Pork bellies were hit hard with selling activity following the weakness in the outside markets as well as downward pressure in lean hogs. February settled 157 points lower at 87.07.
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