Live cattle contracts settled 7 to 62 points lower on profit taking in light volume and position evening ahead of the long holiday break. December settled 20 points lower at 83.07, and February was down 62 at 84.75.
Feeder cattle ended the early session lower pressured by profit taking and pre Christmas positioning. Higher corn values and the weakness in the live pit contributed to the losses. January settled 82 points lower at 94.62, and March was down 135 at 93.82.
Slaughter cattle traded early this week because of the holiday and the major winter storm in parts of feedlot country. Live cattle sold .50 to 1.00 higher in Kansas and Texas while Nebraska sold cattle 1.00 to 2.00 higher live and 4.00 more on the rail. In the Midwest direct markets live basis steers and heifers traded from 81.00 to 82.00, and dressed at 132.00. Plains direct markets sold cattle at 82.00 t0 83.50. Slaughter cattle on a negotiated basis for cash trades through Wednesday afternoon totaled 134,386 head. Last week’s movement totaled 130,597. Given this week’s cash success, look for the new show lists to be priced several dollars higher, 85 plus in the South and 135 to 136 plus in the North. Thursday’s cattle slaughter was estimated at 56,000 head, 68,000 less than last week, no comparison with last year as it was Christmas. Boxed beef cutout values were generally steady on light demand and light to moderate offerings. Choice boxed beef was .28 lower at 138.35, and selct was .01 higher at 131.07.
Barrows and gilts in the Iowa/Minnesota direct trade closed .24 higher at 59.36 on a carcass basis, the West was down .14 at 59.48, and the East was .67 lower at 58.88. Missouri direct base carcass meat price closed steady from 52.00 to 57.00. Hog slaughter was estimated at 201,000 head, 230,000 less than last week, last year was a holiday. Movement in hog country was quite limited on Wednesday, and today it appears to be about the same or even slower. If anyone tried very hard to find a buyer today, some packer would probably oblige with a lower bid. Finishing floors are becoming increasingly current. Iowa barrows and gilts last week averaged 267.4 pounds, 1.1 pounds lighter than the previous week and only .3 pounds heavier than 2008.
Lean hogs settled 35 to 187 points lower pressured by profit taking and pre Christmas positioning, Volume was predictably light with considerable time passing between trades. February settled at 63.87 down 187 points and April was 177 lower at 68.35. Pork trading was very slow, with mostly light demand and light to modeerate offerings. Pork carcass value closed .03 lower at 67.89.
Pork bellies for February settled 25 points lower at 87.65.
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