Chicago Mercantile Exchange live cattle contracts settled 15 to 35 points higher. An early surge in the stock market did create some moderate follow through support. However, the higher value of the U.S. dollar and weaker outside markets held back further gains in the live pit. December settled 20 points higher at 81.00, and February was up 30 at 82.20. Boxed beef cutout values ended the day weak to lower on light to moderate demand and moderate to heavy offerings. Choice boxed beef was down .28 at 137.17, and select was down 1.17 at 130.92.
Feeder cattle ended the session 25 to 80 points higher following the early surge in the stock market. The weakness in the grain markets gave a moderate boost for feeders interested in placing cattle before the end of the year. January settled 25 points higher at 93.35, and March was up .62 at 94.12.
Slaughter cattle on a national basis for negotiated cash trades totaled 131,407 head, about 7,000 more than last week. Cattle trading is done for the week. Feedlots will be looking for ways to stabilize the trade, in the coming week, but much depends upon the stability of pre holiday cutouts. DTN reports they are hearing of some talk about packers planning to slow chain speed. The weekly cattle slaughter was estimated at 638,000 head, 108,000 above last week’s short schedule and 19,000 more than last year.
There was a large run of feeder cattle at Missouri auctions this week where receipts totaled 49,502 head. Compared to last week steer calves under 600 pounds were steady to 5.00 higher, calves over 600 pounds and yearlings steady to 1.00 lower. Heifer calves under 600 pounds were steady to 4.00 higher, calves over 600 pounds yearlings steady to 3.00 lower. Demand was moderate to good and the supply was heavy. Feeder steers medium and large 1, 2502 head averaging 573 pounds averaged 100.97 per hundredweight, 1652 heifers averaging 573 traded at 89.61.
Barrows and gilts in the Iowa/Minnesota direct trade closed .76 higher at 59.76 on a carcass basis, the West was up .72 at 59.92, and the East was .12 lower at 56.84. Hog slaughter for the week is estimated at 2,267,000 head, 220,000 more than Thanksgiving week, but 101,000 head less than last year. Post Thanksgiving interest in pork products continues to be quite significant with carcass value another dollar higher on Thursday. Pork trading was slow with mostly moderate demand and light to moderate offerings. The pork carcass cutout value was up 1.68 at 65.10 on Friday afternoon..
Lean hog contracts settled 27 to 190 points higher on higher cash prices and the improvement in the pork carcass cutout value on Thursday. Early support came from the early rally in the stock market. December was up 190 points at 61.15, and February was up 145 at 66.75.
Pork bellies closed 172 to 190 points higher on spillover support from the lean pit. February was up 172 at 82.80, and March was 190 higher at 80.15.
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