Chicago Mercantile Exchange live cattle futures were mixed, mostly firm on spreading ahead of widespread cash business, the higher Dow and weak corn. Also, USDA’s cattle on feed numbers from Friday were supportive, as was the lower dollar index. December was up $.10 at $84.05 and February was $.40 higher at $85.82.
Feeders were mixed with nearbys up on the discount to cash and buy stops. January was $.20 higher at $92.87 and March was up $.32 at $93.90.
As usual on a Monday, direct cash cattle markets were quiet. This week’s showlists generally look larger, except for Nebraska which is about steady. Asking prices $85 to $86 South and $133 to $135 North with significant trade more than like waiting until Wednesday or maybe even Friday. Boxed beef was steady to firm on light to moderate demand and offerings with Choice up $.30 at $139.48 and Select $.22 higher at $132.19. The estimated cattle slaughter on Monday was 125,000 head, up 1,000 from last week but down 4,000 from last year.
Hogs were mixed on outside market direction, the mixed cash and Friday’s sharply higher cutout. Friday’s cold storage numbers were bullish but traders are wary about post-holiday demand. December was up $.70 at $58.30 and February was $1.15 higher at $65.52.
Bellies were lower on profit taking with February down $1.32 at $85.80.
Cash hogs were mixed depending on pre-holiday supply and demand. The Eastern Cornbelt was down $.13 with a weighted average of $49.87, the Western Belt was up $2.33 at $54.10 and Iowa/Southern Minnesota was $2.63 higher at 54.20. Butcher hogs at the terminals were steady to a dollar lower at $31 to $36 and the Missouri Direct base carcass meat price was steady to a dollar higher at $48. Pork trade was very slow Monday with light to moderate demand and offerings and the pork carcass cutout was up $.06 at $58.27. The estimated hog slaughter on Monday was 433,000 head, up 2,000 from last week but down 1,000 from last year.
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