It was generally quiet in cattle country on Tuesday afternoon. Private sources did report a few sales in Kansas and Texas at 90.00. Packer inquiry was very slow in the North but light to moderate in the South. Asking prices are around 92.00 to 93.00 South with bids at 90.00 and 146.00 to 148 in the North where bids were from 143.00 to 146.00. Cattle slaughter is estimated at 130,000 head, 2,000 more than last week, but the same as last year. Boxed beef cutout values were steady to firm on light to moderate demand and offerings. Choice boxed beef was .23 higher at 155.12, and select was up .47 at 146.48.

Chicago Mercantile Exchange live cattle contracts settled 52 to 135 points lower on profit taking after the recent advances in the market. The focus in the cattle market actually had very little to do with cattle, and most traders closely watched the sharp losses in the outside markets and the stock market. The Dow fell below 10,000 points on the concerns of the European financial markets and consumer uneasiness about the economy. June live cattle settled .52 lower at 90.67, and August was down .92 at 88.75.

Feeder cattle finished the session 65 to 110 points lower on profit taking and the selloff in the live cattle pit. Feeder contracts were lightly traded throughout the session. August settled 1.10 lower at 112.87, and September was down .97 at 113.10.

Feeder receipts at the Sioux Falls Regional Stockyards at Worthing, SD totaled 1333 head on Monday. Feeder steers and heifers were lightly tested last week, compared to this week’s larger offering feeder steers and heifers sold steady with higher undertones. Demand was very good for all weights and classes. Feeder steers medium and large 1 weighing an average of 908 lbs brought 106.00 per hundredweight, 876 lb heifers traded at 103.37.

Barrows and gilts in the Iowa/Minnesota direct trade closed .66 lower at 76.28 on a carcass basis, the West was down .14 at 76.22, and the East closed 1.04 higher at 80.22. The Missouri direct base carcass meat price closed steady at 72.00. Tuesday’s hog slaughter was estimated at 402,000 head, 14,000 more than last week, but 16,000 less than last year.  Country movement has been moderate to start the week, but it is unclear as to how well packers have their slaughter needs covered. Look for daily kills close to 400,000 over the next three days, a slaughter of 370,000 or so on Friday, and a complete work stoppage on Saturday and next Monday for the Fourth of July Holiday.

Lean hogs settled 10 to 122 points lower on outside market pressure. Higher cash prices at midday did very little to help the futures market, which was concerned about weakness in the global market. July was .77 lower at settlement at 78.75, and August was down 1.22 at 80.95. Pork trading was slow to moderate, with mostly light demand and light to moderate offerings. The pork carcass cutout was down .92 at 82.16.

Pork bellies ended the session unchanged to 20 points lower on spillover pressure from the lean pit. July was unchanged at 101.20, and August was .20 lower at 96.75.