The feedlot cattle trade was at a standstill on Wednesday in the Southern and Northern Plains. In the Western Corn Belt very limited trading on very light demand occurred at 92.00 live and 148.00 dressed. There were not enough negotiated cash sales for a market trend. Bids in the South were at 92.00 to 93.00, with asking prices firm at 97.00. Northern feedlot operators are asking 152.00 plus and bids in Nebraska were at 148.00 to 150.00 dressed basis. Cattle slaughter was estimated at 125,000 head, 5,000 more than last week, and 2,000 greater than a year ago. Boxed beef cutout values were higher on moderate demand and offerings. Choice boxed beef was up 1.08 at 153.60, and select was up 1.68 at 152.39.
Live cattle contracts settled 16 to 67 points higher on the Chicago Mercantile Exchange on Wednesday. Increased wholesale meat values gave a boost to an already strong market. The renewed support by outside fund markets into the nearby contracts has helped to keep the market bullish and several live contracts months reached new contract highs. April settled .67 higher at 96.15; June was up .35 at 93.75.
Feeder cattle finished the session 5 to 42 higher on support from the live pit. The upward support in the market remains supportive to cash prices as feeders continue to look for feedlot replacements. March was up .32 at 103.32, and April feeders settled at 106.27 up .42.
Feeder cattle receipts at the Ozarks Regional Stockyards at West Plains, MO totaled 3400 head. Compared to last Tuesday, steers less than 550 lbs were mostly steady, over 550 lbs 2.00 to 3.00 higher. Heifers were unevenly steady. Supply was moderate, and the demand was good to very good. Feeder steers medium and large 1 weighing 500 to 600 lbs traded from 113.00 to 125.00, the same weight heifers brought 101.00 to 109.00.
Iowa/Minnesota hogs closed .08 higher on a carcass basis at 68.89, the West was up .15 at 68.84, and the East closed 1.28 lower at 67.98. The Missouri direct base carcass meat price on barrows and gilts closed steady at 64.00. Hog slaughter was estimated at 424,000 head, 9,000 more than last week and 1,000 above last year. Pork shipments to Russia could start next week according to DTN, and we are very close to returning to the Chinese market. Despite lower cash bids, processors are not making much progress in restoring margins.
Lean hogs settled 15 lower to 72 points higher, but mostly firm. Traders continue to focus on the lower cash prices and the sluggish wholesale market. The cheaper dollar may encourage more exports of pork products. April was down .15 at 71.60, and June was .07 lower at 81.02 on spreading into the back months. Pork trading was slow, with light to moderate demand and mostly moderate offerings. The pork carcass cutout value was 1.60 higher at 74.68.
Pork bellies ended higher in a slow market with only the May contract showing much action, it settled 1.20 higher at 92.25.
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