With the exception of a few cattle selling in Nebraska on Wednesday the feedlot trade was   generally quiet after Tuesday’s action. More trade is expected to develop the remainder of the week especially in Texas. Asking prices on cattle still on the show lists are around 92.00 to 93.00 in the South, and 145.00 to 147.00 in the North. The trading was slow in Western Nebraska with light demand; steady with Tuesday at 91.00 live and 145.00 dressed. Tuesday sales in Texas and Kansas were mostly steady with last week at 92.00. Cattle slaught4er is estimated at 123,000 head, 1,000 less than last week and 2,000 fewer than last year. Boxed beef cutout values closed steady to firm on light demand and offerings. Choice beef was up .14 at 149.92, and select is up.63 at 149.62. The spread is now just .30.

Chicago Mercantile Exchange live cattle contracts settled 60 points higher to 50 lower. Spreading into February and June out of April was the main feature. The modest support for carcass values left a mixed feeling in traders as there may be growing evidence that the upward surge in boxed prices is slowing. The market was pressured some by the fact cash cattle asking prices had been lowered $1.00 from yesterday. February settled 2 points higher at 91.77, and April was down 50 at 91.90.

Feeder cattle ended the session 30 points higher to 5 lower. There was some profit taking by some accounts that had been short in the market. March and April feeders both ended unchanged with spot March at 101.15, and April at 102.47.

West Plains, Ozarks Regional Stockyards had receipts of 4317 cattle on Tuesday. Compared to a week ago steers weighing less than 750 pounds and heifers under 700 lbs were steady to 2.00 higher. Although several 450 to 550 lb steers and light stocker heifers under 500 lbs sold 2.00 to 4.00 higher through much of the day or until some of the orders were filled, at which time the market backed off 2.00 to 3.00. Heavier weight yearlings sold mostly steady. Steers medium and large 1 and 1-2 weighing 500 to 600 pounds traded from 105.00 to 124.00, 7 to 8 weights from 92.00 to 104. 500 to 600 pound heifers brought 94.00 to 106.00, and 700 to 800 pounds traded from 86.00 to 93.00 per hundredweight.

Iowa/Minnesota barrows and gilts closed .64 higher at 67.39 on a carcass basis, the West is up .62 at 67.41, and the East closed 1.37 higher at 66.22. The Missouri direct base carcass meat price closed steady from 60.00 to 62.00. Wednesday’s hog slaughter was estimated at 424,000 head, 3,000 less than last week, and down 7,000 from last year.  Cold temperatures have limited gains and the higher prices have encouraged marketing’s. Since the beginning of the year hog dressed weights have averaged 200.3 pounds, 1.7 pounds lighter than a year ago.

Lean hogs settled 20 to 90 points higher on fund buying.  Additional support came from April/ June forward spreads and higher carcass value on Tuesday, the seventh consecutive business day that cutouts have shown improvement.  Spot April settled 90 points higher at 70.35, and March was up 65 at 76.82. Pork trading was slow to moderate, with light to moderate demand and offerings. Pork carcass cutout value was down 1.04 at 71.42.

Pork bellies finished the session 40 to 70 points higher on support from the lean pit and Tuesday’s bullish weekly storage report. March bellies ended 70 higher at 84.70, and May was also up 70 points at 86.90.