Chicago Mercantile Exchange live cattle contracts settled 32 to 90 points higher as renewed support trickled into the market. Higher boxed beef prices at midday gave additional support to the market as well as a higher stock market. December was up 90 points to settle at 81.05, February was up .67 at 83.95. Boxed beef cutout values were higher on moderate demand and light to moderate offerings. Choice boxed beef was up 1.98 at 138.62, and select is up 1.02 at 130.72.
Feeder cattle ended the session steady to mixed. Bull spreading of January/March contracts was the main feature along with some profit taking. January was down 32 points at 91.90; March was unchanged at 92.37.
Feedlot country was quiet following the distribution of the new show lists. The new offering is generally smaller than last week with declines reported in Kansas, Texas and Colorado. Ready numbers appear to be somewhat larger in Nebraska. Early asking prices are around 82.83 in the South, and 130.00 to 132.00 in the North. The Monday Slaughter is estimated at 122,000 head, 1,000 more than last week, and 7,000 greater than last year.
Feeder cattle receipts at the Oklahoma City National Stockyards are estimated at 10,000 head. At midsession feeder cattle were steady; calves were steady to 1.00 lower. Demand reportedly was good for all classes, except unweaned calves. Feeder steers medium and large 1, calves weighing 550 to 600 pounds traded from 97.00 to 104.50. 700 to 775 pound yearlings brought 93.00 to 96.00. 500 to 575 pound heifer calves traded from 86.00 to 94.25 and 7 to 8 weight yearling heifers from 82.00 to 87.50.
Barrows and gilts in the Iowa/Minnesota trade closed .18 lower at 63.64 on a carcass basis, the West was up .11 at 63.75, and the East closed 2.45 higher at 62.24. Missouri direct base carcass meat price closed 2.00 to 4.00 higher from 57.00 to 59.00. Hog slaughter was estimated at 418,000 head down 7,000 from last week and 12,000 less than last year. Although some producers may need to catch up here and there in the wake of last week’s storm, we should be moving past peak seasonal supplies. Tuesday’s market looks steady to firm.
Lean hogs settled 17 to 60 points higher as buying activity returned to the market. The nearby contracts fell from their session highs, but continued to hold onto moderate gains into the close. December expired at noon at 57.64 up 57 points, and February ended at 65.87 up 45. Pork trading was slow to moderate with mostly light demand and light to moderate offerings. Pork carcass cutout was up 1.05 at 71.14.
Pork bellies closed sharply higher with February limit higher on optimism from the strength in the lean pit as well as upward movement in the stock market. February was up 300 points at 86.30.
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