Chicago Mercantile Exchange live cattle contracts settled 27 points higher to 25 lower. The main feature appeared to be spreading into February and June out of December. December hit a new low of 78.70 before rebounding some to settle at 79.10 down 10 points. February was up 25 at 82.17. Boxed beef cutout values were firm on the select and weak on choice on light to moderate demand and offerings. Choice boxed beef was down .58 at 134.79 and select is up .35 at 128.95.
Feeder cattle settled 10 to 70 points lower. There was some selling of feeder contracts and the buying of live contracts by spreaders. Higher corn values leant additional pressure to the feeder contracts. January settled 32 points lower at 90.72, and March was down 27 at 91.65.
A moderate cattle trade was reported in Nebraska with most deals marked at $127.00 steady with Wednesday but as much as 3.00 lower than last week. The South was pretty much at a standstill with show lists priced around 81.00 to 82, with just a few bids at 78.00 in Kansas according to private sources. Trade volume totals for Wednesday were generally light to moderate, though larger than anticipated in Nebraska at 23,604 head with a weighted average price of 127.76. Cattle slaughter was estimated at 119,000 head, 6,000 less than last week and last year.
Receipts at Hub City Livestock, Aberdeen, SD totaled 2976 head Wednesday. Compared to Saturday’s sale, steer calves were steady to 3.00 lower. Heifer calves steady to 2.00 lower. No test on yearlings. There was moderate to good demand on all types of cattle. Feeder steer calves medium and large 1 averaging 728 pounds at 94.48, 680 pound heifer calves at 87.32 per hundredweight.
Barrows and gilts in the Iowa/Minnesota direct trade closed 1.85 higher at 63.33 on a carcass basis, the West is up 1.46 at 63.39, but the East was down 1.25 at 58.97. Missouri direct bases carcass meat price closed steady at 55.00. Thursday’s hog slaughter was estimated at 411,000 head, 20,000 less than last week and down 27,000 from last year. Processing margins remain attractive so DTN says they are looking for a Saturday kill to be quite large, probably around 200,000 head. Friday’s cash market is expected to be steady to higher.
Lean hogs settled 20 to 65 points higher. The initial trade was bearish and the lean issues posted and held sharp losses through much of the morning. But late buying support and higher cash prices pushed the futures to a higher close. December settled 22 points higher at 63.62, and February ended at 65.42 up 35. Pork trading was slow with mostly moderate demand and light to moderate offerings. The pork carcass cutout closed 1.34 higher at 68.12.
February bellies ended 180 points higher at 85.05 partly on the gains in the lean pit. For the most part the trade was sluggish.
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