The cash cattle market has been on a remarkable midwinter roll, one essentially powered by extraordinarily harsh winter weather robbing production and tonnage potential from the feedlot sector. Bullish minded feedlot operators will try hard this week to further milk the momentum, hoping to push fed prices over 90.00 for the first time since November of 2008. Early asking prices are starting out around 91.00 to 92.00 in the South and 145.00 plus in the North. Some bids were reported in Kansas and Texas at 88.00 to 89.00. Whether packers will continue to push cash higher depends on their ability to sell boxes higher and successfully heal sagging margins. Tuesday’s cattle slaughter was estimated at 123,000 head the same as last week, but down 2,000 from last year. Boxed beef cutout values were higher on light to moderate demand and offerings. Choice beef was up 1.15 at 143.98, and select was 1.32 higher at 141.97.
Live cattle contracts settled 85 to 142 points higher on the Chicago Mercantile Exchange on Tuesday. The support in the live pit came as demand for wholesale cuts has rebounded. Additional support remains rooted in the expectation of even higher demand through the remainder of spring into summer. February settled 110 points higher at 90.47 and April was up 140 at 92.17.
Feeder cattle contracts ended 55 to 150 higher on support from the live pit as well as news of significantly higher cash feeder cattle prices in some of the major markets like Oklahoma City and Joplin, Missouri. March settled at 101.12 up 137, and April was 150 higher at 102.32.
Feeder cattle receipts at the Tri-State Livestock Auction at Mc Cook, Nebraska totaled 1400 head on Monday. Compared to last week, steers and heifers trended 1.00 to 5.00 higher. Demand was good on all weights of cattle. Feeder steers medium and large 1 averaging 532 pounds averaged 127.51 per hundredweight. 723 pound heifers brought 95.62 at Mc Cook.
Barrows and gilts in the Iowa/Minnesota direct trade closed .28 lower at 63.53 on a carcass basis, the West was down .28 at 64.06, and the East is 1.29 lower at 63.70. Missouri direct base carcass meat price closed steady to 1.00 lower from 58.00 to 60.00. Tuesday’s hog slaughter is estimated at 428,000 head, 12,000 more than last week, and 2,000 less than last year. DTN’s John Harrington says packers continue to feel trapped between limited live inventories and lackluster demand for wholesale pork. Positively, market hog numbers continue to be tighter than expected. Also the carcass weights have fallen below year-ago levels, checked by both finishing floor currentness and the impact of the tough winter season.
Lean hogs settled unchanged to 35 points higher following the upward push by other livestock markets and support in the outside markets. The weakness in the U.S. dollar has money flooding into commodity markets from many areas. The main feature was the spreading into June contracts out of April. April settled 7 points higher at 68.27, and May was unchanged at 74.95. Pork trading was slow to moderate, with light to moderate demand and offerings. Pork carcass cutout value was up .24 at 68.52.
Pork bellies ended lower on sell orders with traders uncertain of the short term direction to take at this point. March was down 40 points at 83.60, and May was also off 40 at 85.60.
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