Cattle country was typically quiet on Monday with significant trade volume not likely until mid-week or later. The new show lists appear to be generally smaller than last week with only Texas showing more offerings. Negotiated sales last week were confirmed at 158,130 head. Live cattle in the South last week sold 1.00 to 2.00 higher from 86.00 to 87.00. In the North dressed sales were 1.00 to 2.00 higher from 137.00 to 138.00. The early asking prices on this week’s cattle are 89.00 plus in the South, and 140.00 plus in the North. Monday’s slaughter was estimated at 11 7,000 head, 8,000 less than last week and 10,000 below last year. Boxed beef cutout values closed firm on light demand and light to moderate offerings. Choice beef was up .75 at 138.65, and select was .98 higher at 136.48.
Chicago Mercantile Exchange live cattle contracts settled 17 to 45 points higher supported by the higher cash trade last week. A lower U.S. dollar was seen as supportive to futures as it may prompt importers to buy more beef. Higher boxed beef values at midday leant additional support to futures. February was 25 points higher at 87.67, and April was up 40 at 90.80.
Feeder cattle ended the session 20 to 90 points higher with support coming from the outside markets and the live pit. March was 90 points higher and settled at 99.22, April ended at 100.02 up 35.
Feeder cattle receipts at the Oklahoma National Stockyards on Monday totaled 6800 head. Compared to the last test two weeks ago, feeder cattle were steady to 1.00 higher and calves were steady. Demand was good. Snow was falling again in the state; however, this one is not as strong as the previous two storms. Feeder steers medium and large 1 weighing 500 to 600 pounds traded at 103.50 to 113.00. 5 to 6 weight heifers brought 94.00 to 100.75.
Iowa/Minnesota barrows and gilts closed .72 higher at 64.46 on a carcass basis, the West was up .82 at 64.90, and the East was 1.78 higher at 63.56.Missouri direct base carcass meat price closed 3.00 to 4.00 higher from 58.00 to 62.00. Hog slaughter was estimated at 422,000 head, 10,000 more than last week, but 1,000 less than last year. Mid-winter numbers are about as tight as they are going to get with the country offerings set to increase in the March/April time frame. Snow and cold temperatures could curtail weight gains and livestock movement in the Midwest through the middle of the week.
Lean hogs settled 80 to 222 points higher with the most significant strength in the April through August contracts. Support came from outside markets bouncing higher after heavy selling late last week. Midwest storms once again are bringing snow and strong winds to be followed by very cold temperatures and that helped to support the cash market. February hogs settled 80 points higher at 67.57, and April was up 205 at 69.77. Pork carcass cutout value was .30 lower at 68.82. Pork trading was slow with light to moderate demand and offerings.
Pork bellies settled 95 to 200 points higher on the gains in the lean contracts as well as upward momentum in the outside markets. February settled 100 points higher at 81.00, and March was up 200 at 82.00.
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