Cash cattle and feeder and live contracts lower Thursday

USDA Mandatory reported cattle trading was light to moderate on light demand in the central and western areas of Nebraska on Thursday along with Kansas. Compared to Wednesday Nebraska sales were mostly steady at 148.00 dressed and 93.00 live. Compared to last week dressed sales were 2.00 to 3.00 lower and live trades were 1.00 lower. In Kansas live sales were 1.00 to 2.00 lower at 93.00, and dressed sales were 3.00 lower at 148.00. Trading was light in Texas, Oklahoma and New Mexico on light to moderate demand. Live sales trended 2.00 lower than last week at 93.00. Thursday’s cattle slaughter is estimated at 129,000, 1,000 less than last week, but 1,000 more than last year. Boxed beef cutout values were lower on light to moderate demand and light to moderate offerings. Choice boxed beef closed 1.31 lower at 153.49, and select was down .60 at 145.74.

Chicago Mercantile Exchange live cattle contracts settled 15 to 92 points lower after starting out the session moderately higher. By midday futures were pressured by the developing cash trade as well as weakness in the boxed beef values. Additional pressure came from the stock market s drop from early session highs. August settled .92 lower at 91.85, and October was down .72 at 93.47.

Feeder cattle finished the session 30 to 80 points lower on gains in the grain markets along with the inability for the live contracts to hold early gains. August settled .80 lower at 113.72, and September was down .57 at 114.27.

Feeder cattle receipts at the Ogallala Livestock Auction in Nebraska totaled 1,000 head. No comparison to last week, due to no feeder cattle sale. Steers accounted for 92% of the run, with weights over 600 pounds 99% of the offering.  Feeder steers medium and large 1; 276 head averaging 905 pounds traded at 110.03. Just a few heifers traded, those weighing 804 pounds brought 105.93.

Barrows and gilts in the Iowa/Minnesota direct trade closed 2.61 lower at 81.67 on a carcass basis, the West was down 1.98 at 81.51, and the East was up 3.73 at 84.80. Missouri direct base carcass meat price closed steady from 74.00 to 75.00. Thursday’s hog kill was estimated at 401,000 head, 2,000 more than last week, and 15,000 less than last year. Iowa market hogs last week averaged 268.4 pounds, 1.1 pounds heavier than the previous week and 2.1 pounds higher than 2009. Slower chain speed this month may be compromising the current status of the finishing floors according to DTN. Pork trading was slow to moderate, with light to moderate demand and offerings. Por carcass cutout value was up .03 at 89.38.

Lean hog settled unchanged to 147 points higher on Wednesday’s sharply higher cash market along with impressive gains over the last week in the pork carcass value. Several contracts posted new contract highs. August was up the most settling at 84.85 up 1.47, and October was 1.12 higher at 78.07.

Pork bellies were unquoted.