The feedlot cattle trade was quiet on Monday afternoon following the distribution of the new show lists. The new offering is mixed, about steady in Kansas, higher in Nebraska and Colorado, but lower in Texas. Early asking prices are around 100.00 to 102.00 in the South and 160.00 plus in the North. Some cattle were carried over from last week, and the offering may include cattle described as green with short days on feed. The Monday cattle slaughter totaled 130,000 head, 2,000 above last week, and 1,000 more than a year ago. Boxed beef cutout values were steady with light demand and light to moderate offerings. Choice boxed beef closed .12 lower at 163.49, and select was up .06 at 157.62.

Chicago mercantile Exchange live cattle contracts settled mostly 10 to 80 points lower. Early gains developed but support was erased near midday. Traders closely watched for some direction from the outside markets. The heaviest losses were in the nearby’s with August down the most. Losses were not as great in the back months as higher corn prices continue to lead traders to believe high cost feed could keep producers from increasing herd size.  August was .80 points lower and settled at 97.25. October was down .05 at 98.05.

Feeder cattle settled 50 to 117 points lower on the rally in corn prices and a higher U.S. dollar. September was down 1.17 at 115.10, and October was 1.07 lower at 115.97.

Feeder cattle receipts at the Oklahoma National Stockyards on Monday totaled 11,500 head. Feeder steers and heifers opened 1.00 to 3.00 lower. Steer and heifer calves were 2.00 to 4.00 lower. Demand was called moderate. Feeder steers calves, medium and large 1 averaging 500 to 600 pounds traded from 120.00 to 125.00, 7 to 8 weight yearling steers from 111.00 to 115.75. 5 to 6 weight heifer calves brought 109.00 to 116.00, and 700 to 775 pound yearling heifers traded at 103.50 to 108.50.

Barrows and gilts in the Iowa/Minnesota direct trade closed 1.49 lower, the West was down 1.58 with both at 77.56 on a carcass basis, Eastern direct trade was .89 lower at 76.91.The Missouri direct base carcass meat price closed steady to 1.00 lower from 74.00 to 75.00. Monday’s hog kill was estimated at 411,000 head, 1,000 more than last week, but 22,000 less than last year. Last week’s hog kill totaled 2.11 million head, up 1.8 percent from the week before, but down 4.2 percent from last year. Since June 1, barrow and gilt slaughter has been about two percent lower than implied by USDA’s June hog inventory.

Pork trading was slow, with mostly light to moderated demand and moderate offerings. The pork carcass cutout value was down .25 at 93.26.

Lean hogs settled mostly 5 to 22 points higher as traders backed away from late last week’s losses. Additional support was hard to come by given the uncertainty of the cash market direction and long term pork demand. October was up .05 at 74.87, and December was .17 higher at 72.75.