The cash cattle market remained pretty much inactive on Friday with buyers and sellers pretty much calling it a week. The show lists next week could be some larger due to unsold numbers carried over. On the other hand the offering will include many green cattle with packers still hard pressed to find sufficient ready numbers. Slaughter cattle on a national basis for negotiated trades through Friday morning totaled about 121,000 head plus. The previous weeks total was 233,797. Cattle slaughter for the week was estimated at 678,000 head, 11,000 more than a week ago, and 20,000 more than last year. Boxed beef cutout values were weak, with very light demand and light offerings. Choice beef was down .44 at 163.86, and select was down .68 at 157.56.
Chicago Mercantile exchange live cattle contracts settled 17 higher to 42 points lower. The move to October contracts created pressure on the expiring spot month. Boxed beef cutouts were mixed at midday and there is concern that overall demand may weaken as we get closer to the Labor Day holiday. There was some renewed buying interest late in the session on the gains in the stock market. August settled .37 lower at 98.05, and October was down .42 at 98.10.
Feeder cattle settled 12 to 45 points lower on the higher corn values and uncertainty in the live cattle market. September settled .40 lower at 116.27, and October was down .45 at 117.00. September ended .40 lower at 116.27, and October was down .45 at 117.00.
Feeder cattle receipts at Missouri auctions this past week totaled 27,149 head. Compared to last week, feed steers and heifers were very uneven from 2.00 higher to 3.00 lower, but most sales were fully steady, heifers were steady to 2.00 higher, Holstein steers were steady to 2.00 lower. Demand and supply were moderate. Feeder steers medium and large 1, 708 head averaging 578 pounds traded at an average of 126.86, 568 heifers averaging 575 pounds brought 116.19 per hundredweight.
Barrows and gilts in the Iowa/Minnesota direct trade closed 2.10 lower at 79.01 on a carcass basis, the West was 1.84 lower at 79.03, and the East was down 1.34 closing at 79.00.The Missouri direct base carcass meat price closed steady at 75.00. The weekly hog kill was estimated at 210,000 head 37,000 more than last week and 173,000 less than last year. A pre-holiday sell off in wholesale meat prices is not unusual, especially given the explosive behavior of the pork cutout value over the last several weeks. Such an adjustment doesn’t necessarily mark the beginning of an extended downward slide after Labor Day. Indeed, the relative expense of both chicken and beef could soon work to stabilize the pork carcass value at historical high levels according to DTN’s John Harrington.
Pork trading was slow to moderate with light to moderate demand and mostly moderate to heavy offerings.. The pork carcass cutout value was down .22 at 93.51.
Lean hogs settled 25 to 107 points lower on the slipping pork carcass cutout value and lower cash prices. October, December, February and April contracts all slumped to 1 ½ to 2 ½ week lows. October settled .97 lower at 74.82, and December was down 1.00 at 72.57.
Pork bellies were unquoted in pit trading.



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