Chicago Mercantile Exchange live cattle contracts settled 25 to 110 points higher. Strong buying activity was seen in the live cattle pit, even though the overall tone of the market remains unsettled. Traders focused on the ability of the live cattle to move above 80.00 for the week. December settled at 80.15 up 1.05, and February was up 110 at 83.27. Boxed beef cutout values were higher on moderate demand and offerings. Choice boxed beef was up 1.76 at 136.55, and select was .75 higher at 129.70.
Feeder cattle finished mostly higher despite the gains in corn values. Main features were short covering and the lead month’s discounts to the Exchanges feeder cattle index. January feeders settled 85 points higher at 91.57, and March was up 72 at 92.37.
The cash cattle trade was at a standstill on Friday afternoon with business apparently done for the week. Given the relatively light trade volume especially in the South and the storm related slow kill, show lists are likely to be some larger next week in all areas. Compared to last week slaughter cattle sold 2.00 to 3.00 lower at 78.00 to 80.00 live and 127.00 to 128.00 dressed. The weekly slaughter was estimated at 613,000 head, 25,000 below last week, and 5,000 greater than last year.
Feeder cattle receipts at Missouri auctions this week totaled 37,602 head. Compared to last week, feeder steers and heifers were steady to 3.00 lower. Holsteins were steady to 2.00 lower. The demand for feeders was moderate to light, with a moderate supply. Yearling cattle found a tougher market condition as the feedlot trade was lower, and with pressure from lower futures prices, some contracts setting new lows, buyers are taking a hard line at the auctions. 1220 feeder steers medium and large 1 averaging 623 pounds brought 94.37 per hundredweight, 512 heifers averaging 624 pounds traded at an average of 85.80.
Barrows and gilts in the Iowa/Minnesota direct trade closed .54 higher at 63.93 on a carcass basis, the West was up .53 at 63.94, and the East was .75 higher to close at 59.72. Missouri direct base carcass meat price closed steady at 55.00. The weekly hog slaughter was estimated at 2,215,000 head, 52,000 less than last week, and 124,000 under last year. Once again the carcass value was sharply higher and this could lead to additional cash strength on to start the week. Monday’s cash market is expected to be steady to higher.
Lean hogs settled mixed and the December was able to hold on to moderate support as the overall fundamentals of the market continue to firm. But pressure was seen in the late spring and early summer contracts. Most of the activity these markets was focused on trimming the current premium seen in the market compared to nearby month s contracts. December was up 37 points at 64.00 and February was unchanged at 65.42. Pork trading was slow with mostly moderate to good demand and light to moderate offerings. Pork carcass cutout value was up 1.97 at 70.09.
February pork bellies settled 105 points higher at 86.10 on follow through buying after February’s advances on Thursday, along with buy stops and chart related purchases.
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