Chicago Mercantile Exchange live cattle contracts settled 30 to 70 points higher on this week’s higher cash cattle trade. There was some spreading, buying the June contracts and selling April. April settled .30 higher at 99.65 and June was up 42 at 94.75.
Feeder cattle contracts ended the session 20 to 165 points higher on support from the live pit and short covering. Additional support came from lower corn futures values. April feeders settled at 114.52 up 1.65, and May was up 1.32 at 115.37.
There were just a few bids noted on cattle in Colorado, business was essentially done for the week. Feedlot managers primarily worked on how high to price new show lists on Monday. Early asking prices are likely to be around 102.00 to 103.00 in the South and 167.00 to 168.00 in the North according to DTN. Packers seem to be cutting chain speed in the face of narrowing margins. Production cutbacks could continue into next week, especially if the live market out performs the box trade. The weekly cattle slaughter was estimated at 616,000 head, 21,000 less than last week, but 17,000 more than last year. Boxed beef cutout values ended steady to weak on light demand and offerings. Choice boxed beef was up.32 at 165.27 and select was down 87 at 162.27.
Feeder cattle receipts at Missouri Auctions this week totaled 37,264 head. Compared to last week, steers, heifers and Holsteins were all higher. Most calves were anywhere from 4.00 to 10.00 higher, with instances of 15.00 higher quoted. Yearling cattle were 2.00 to 6.00 higher. Demand was very, very good, and supply was moderate. 973 feeder steers medium and large 1 weighing 530 pounds traded at 133.41 per hundredweight, 952 heifers averaging 526 pounds brought 117.92.
Barrows and gilts in the Iowa/Minnesota direct trade closed .52 higher at 74.18 on a carcass basis, the West was up .06 at 73.91, and the East was up 1.13 at 74.06.The Missouri direct base carcass meat price closed steady from 68.00 to 69.00. Hog slaughter was estimated at 2,012,000 head for the week, 158,000 less than last week, and 115,000 fewer than last year. Saturdays slaughter was somewhat lighter than expected at an estimated 85,000 head. Monday’s market is expected to be steady to firm.
Lean hogs settled mostly lower on profit taking. Spreaders sold the August contract and bought June. There was some adjusting of positions ahead of the weekend. April settled .45 lower at 76.22, and June was down .35 at 84.37. Pork trading was slow, with light demand and mostly light offerings. Pork carcass cutout was .20 higher at 79.51.
All belly months with the exception of May were unquoted and it finished .02 lower at 96.27.
Latest: 
