Chicago Mercantile Exchange live cattle futures were lower on position squaring ahead of the on feed numbers and cash concerns, along with the lower Dow and weak corn. The on feed numbers are out 2 PM Central. Ahead of the report, the total number of cattle on feed as of December 1 is pegged at 100.3% of a year ago, November placements are seen at 95.2% and November marketings are placed at $102.0%. December was down $.70 at $81.42 and February was $.35 lower at $84.55.
Feeders were supported by that lower trade in corn with January and March breaking what had been overhead resistance. January was $1.12 higher and March was up $.85 at $94.17.
Direct cash cattle trade was fairly light Thursday at $80 to $81 Live and mostly $127 to $128 Dressed with a few up to $129. Asking prices are $82 + South and $130 + North with bids around $79 Live and $126 to $128 Dressed. The rest of the week’s trade may wait until after the on feed report. Boxed beef was weak on light demand and offerings with Choice down $.17 at $138.77 and Select $.11 lower at $130.69. The estimated cattle slaughter of 124,000 head was up 5,000 from last week and 2,000 more than last year.
Hogs were lower on the premium to the cash index and talk the pork market has topped out for the season. The cash index is starting to narrow, but there are still a fair amount of questions about demand. The higher dollar was another bearish factor as it drives up the price of U.S. goods on the export market. February was down $1.27 at $65.55 and April was $1.27 lower at $69.75.
Bellies were lower on profit taking, demand talk and fund selling. February was $2.55 lower at $88 and March was down $1.95 at $86.05.
Cash hogs were mixed with the major directs lower as packers work to fill the late week kill needs. The Eastern Cornbelt was down $.21 with a weighted average of $61.64, the Western Belt was $.82 lower at $63.41 and Iowa/Southern Minnesota was down $1.49 at $62.96. Butcher hogs at the terminals were steady to $1 higher at $36 to $40. The Missouri Direct base carcass meat price was steady at $57 to $59 with sows unchanged at $28 to $35. Illinois Direct sows were steady to $2 lower at $23 to $32. After losing more than $2 Wednesday, the pork cutout was up $.78 at $70.72 in slow trade with light to moderate demand and offerings. The estimated slaughter of 431,000 head was 14,000 above last week but 5,000 below last year.
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