The main item of business in cattle country on Monday was the distribution of the new show lists. Ready numbers of cattle appear to be mixed, smaller in the South, and larger in the North, especially in Nebraska. Early asking prices are around 104.00 to 105.00 in the South and 165.00 plus in the North. The question is how much further can the impressive bull market in cattle and beef prices grow? Much depends on the ability for beef salesmen to push boxes higher and justify aggressive chain speed. Cattle slaughter was estimated at 129,000 head, 3,000 below last week, but 7,000 more than last year.

Boxed beef cutout values closed steady to weak on light demand and offerings. Choice boxed beef was up .33 at 162.18, and select was down .65 at 151.69.

Feeder cattle receipts at the Oklahoma National Stockyards on Monday totaled 8500 head. Compared to last week, feeder steers were steady to 2.00 higher at midsession. Feeder heifers were 1.00 to 2.00 higher. Steer calves trended 2.00 to 4.00 higher. Heifer calves were 1.00 to 3.00 higher. Demand continues very good for all classes of cattle. Feeder steers medium and large 1, calves weighing 500 to 550 pounds traded at 131.00 to 138.75. Yearling steers weighing 600 to 700 pounds brought 117.50 to 124.00. 5 to 6 weight heifer calves brought 110.25 to 116.50. Yearling heifers weighing 600 to 700 pounds traded from 108.25 to 113.00.

Chicago Mercantile Exchange live cattle contracts settled 5 to 45 points lower in response to a stronger U.S. dollar and pressure in the stock market. A stronger dollar could lead to a decrease in demand in the foreign markets. Follow through support from the non commercial trade was limited by the two factors. December settled .20 lower at 102.02, and February was down .45 at 105.77.

Feeder cattle contracts ended the session lower on the lower values in the live pit and modest gains in the deferred corn futures contracts. There was also end of the month profit taking. January ended .35 lower at 118.40, and March was down .37 at 119.00.

Lean hogs settled 12 to 92 points lower on the softness in the outside markets, the board’s premium to cash prices and profit taking. Like cattle additional pressure came from the lower stock prices and a stronger dollar that could lead to decreased pork exports. December settled .32 lower at 70.02, and February was down .92 at 76.22.

Barrows and gilts in the Iowa/Minnesota direct trade closed .71 higher at 65.52 on a carcass basis, the West was up.82 at 65.43, and in the East barrows and gilts closed 1.11 higher at 62.85. The Missouri direct base carcass meat price closed2.00 higher from 58.00 to 60.00.

Monday’s hog slaughter was estimated at 426,000 head, the same as last week, but 2,000 less than last year. Hog slaughter this week could rebound to 2.3 million plus head, a level that could be sustained through mid-December. There is more evidence that high feed costs are working to limit global pork production. DTN reported Denmark counted five-percent fewer hogs on October 1.

Pork trading was slow, with light demand and light to moderate offerings. Pork carcass cutout value was down .33 at 79.00.