Live cattle settled 12 to 40 points higher on the Chicago Mercantile Exchange. There was some forward positioning ahead of the weekend and the release of the monthly cattle on feed report. The report looks generally neutral, though October placements did turn out to be somewhat smaller than expected. On feed and placements were both up 1%, marketing’s down 3%. December was 27 points higher at 83.95, and February was up 5 at 85.42. Boxed beef cutout values were steady to weak on moderate demand and moderate to heavy offerings. Choice beef was down .43 at 139.18, and select was .10 lower at 131.97.
Feeder cattle ended the session 20 to 110 higher on front month discounts to the feeder cattle index along with bull spreads and buy stops. Lower corn values leant additional support to the deferred issues. January was up 85 points at 92.67 and March was up 72 at 93.57.
Feeder cattle receipts at Missouri auctions this week totaled 20,811 head. Compared to last week, feeder steers and heifers were steady to 3.00 lower. Demand and supply was moderate to light. Receipts this week were curtailed by extremely wet and muddy conditions. Feeder steers medium and large 1, 761 head averaging 578 pounds at 95.65 per hundredweight. 460 heifers averaging 577 pounds brought 85.94.
The weekly cattle slaughter is estimated at 631,000 head, 6,000 more than last week but 5,000 fewer than last year. Cattle country was very quiet and trading appeared to be wrapped up for the week. Some cattle in the South could be carried over into next week. On the other hand, judging by slaughter numbers feedlots appear to be very current. In the Midwest direct markets this week cattle on a live basis traded from 80.00 to 84.00, and dressed at 130.00. High Plains direct markets traded from 83.00 to 84.00.
Iowa/Minnesota barrows and gilts closed .21 lower at 51.29 on a carcass basis; the West was up .29 at 51.62, and the east was .46 higher at 50.17. Missouri direct base carcass meat price is steady from 47.00 to 48.00. This week’s slaughter is estimated at 2,322,000 head, 32,000 more than last week, and 46,000 less than last year; it will be interesting to see how wholesale demand handles the extra tonnage early next week. Saturday slaughter plans have slowly improved and should now total 163,000 head.
Lean hogs settled 42 to 162 points higher as traders reacted to the sharp losses on Thursday. Traders seemed to be trading paper ahead of the weekend according to Rick Kment at DTN. December was up 1.62 points at 57.60, and Febr4uary finished 110 higher at 64.37. Pork trading was slow with light to moderate demand and mostly light offerings. Pork carcass cutout value was 1.27 higher at 158.21.
Bellies finished higher on spillover support from the live pit. February was up 5 points at 87.12.
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