Limited business in the feedlot cattle trade was reported in Kansas at 93.00 to 94.00 live and 150.00 dressed, in Nebraska at 93.00 and 150.00 and Iowa at 147.00 on Tuesday. But generally speaking the country remained quiet in the wake of sharply lower futures. Nominal asking prices are around 97 in the South and 155.00 plus in the North. But for the most part sellers are waiting for the dust to settle before reassessing cash potential.  Tuesday’s cattle slaughter is estimated at 130,000 head, the same as last week and last year. Boxed beef cutout values were steady to weak on light to moderate demand and moderate to heavy offerings. Choice boxed beef was down .18 at 166.82, and select is .34 lower at 160.72.

Chicago Mercantile Exchange live cattle contracts settled 107 to 137 points lower on the losses in the stock market along with the debt concerns in Europe. The feeling now is that not if other countries will fall under pressure, but when. The concern in the meat market is that the weakness will affect both domestic and export demand for beef, at a time when markets traditionally see increased support from summer demand. June settled 1.10 lower at 90.02, and August was down 1.12 at 89.07.

Feeder cattle contracts settled 07 to 165 points lower on the losses in the live pit and softer markets at this week’s large feeder auctions. May ended .07 lower at 108.00 and August was down 1.57 at 107.27.

Cattle receipts at the Sioux Falls Regional Livestock Market at Worthing, SD totaled 1112 head on Monday. Compared to last week, feeder steers and heifers trended steady to 2.00 lower. Demand was moderate to good for the light offering of cattle. The offering consisted primarily of back grounded steers and heifers in light to moderate flesh condition. Slaughter cows were steady. Feeder steers medium and large 1 weighing 879 pounds averaged 106.31 per hundredweight, heifers averaging 810 brought 104.02.

Barrows and gilts in the Iowa/Minnesota direct trade closed .45 lower at 78.29 on a carcass basis, the West was down .51 at 78.43 and the east is 1.08 lower at 78.97. The Missouri direct base carcass meat price closed steady to 1.00 lower from 75.00 to 76.00.Hog slaughter is estimated at 394,000 head, 5,000 less than last week and 39,000 under last year.  Monday’s country action was sloppy, generating rather modest trade volume. Yet packers just don’t act like they care a great deal either way. Such apathy suggests ample captive supplies, poor confidence in the stability of wholesale pork, or some combination of both.

Lean hogs settled 12 to 72 points lower on profit taking, losses in the outside markets and softer cash hog quotes. The dispute between North and South Korea also had a negative effect on lean hog futures. Market watcher4s think the outside markets will have a greater effect on overall consumer demand than the current supply demand situation in the pork industry according to DTN. June settled .72 lower at 81.15, and July was down .37 at 82.00. Pork trading was slow to moderate, with mostly moderate demand and light to moderate offerings. Pork carcass cutout value was .02 higher at 87.55.

Pork bellies ended 5 points lower to 60 higher. Traders remain hooked on the pork belly market as protection in the falling outside markets. There was some positioning ahead of the weekly belly storage report.  July was down .05 at 102.65, but August was up .60 at 100.60