The cash cattle market exploded on Wednesday with the cash trade active on very good demand in all regions. Compared to last week, live sales trended 7.00 to 8.00 higher from 120.00 to 121.00 in the Texas Panhandle. Live sales in Kansas were 6.00 to 7.00 higher from 120.00 to 121.00, and dressed deals 10.50 higher at 191.50. Nebraska saw live sales from 8.00 to 9.00 higher from 123.00 to 124.00. Dressed sales were 10.00 to 15.00 higher at 200.00. In the Western Corn Belt live sales trended 7.00 to 9.00 higher from 122.00 to 125.00 live and mostly 10.00 higher dressed from 196.00 early with the bulk of sales at 200.00. Confirmed negotiated sales were 101,796 head.  Wednesday’s cattle slaughter was estimated at 124,000 head, 12,000 more than last week and last year.

Boxed beef cutout values were steady to firm on moderate demand and offerings. Choice boxed beef was up .69 at 188.18, and select was .10 lower at 184.91.

Chicago Mercantile Exchange live cattle contracts settled 60 to 217 points higher and set new all time highs. Sharply higher cash prices in the country, relatively stable boxed beef prices and increased export demand for beef were all factors supporting prices. April settled at 120.55 up 2.17, and June was up .67 at 119.57.

Feeder cattle followed the lead of the live pit and ended 85 to 177 points to the good. Strong support developed in the deferred contracts as traders once again focus on the tighter supplies and higher cash prices at sales and strong demand. March ended .85 higher at 133.55, and April was up 1.77 at 137.47.

Feeder cattle receipts at the Loup City Livestock Auction in Nebraska totaled 1125 head. Compared to two weeks ago, steers and heifers suited for summer turnout weighing less than 650 pounds sold 4.00 to 5.00 higher. Feedlot placements weighing over 650 pounds sold fully steady to 2.00 higher on comparable sales. Demand was good to very good from a large crowd of buyers with several new faces in the seats. Feeder steers medium and large 1 weighing 739 pounds averaged 134.59 per hundredweight. 660 pound heifers brought an average of 132.74.

Lean hogs settled 25 higher to 35 lower on spillover support from the stronger cattle futures markets. The lean issues had been sharply lower in the early trade, but mostly firm to higher cash prices at midday gave a lift to prices. The continued optimistic outlook for pork exports was supportive. April settled .05 higher at 93.55, and May was up .10 at 102.50.

Barrows and gilts in the Iowa/Minnesota direct trade closed 2.68 lower at 85.78 on a carcass basis, the West was down 2.04 at 85.63, and the East was 1.45 higher at 85.86.

The pork carcass cutout value was up 1.51 at 94.78. Pork trading was slow to moderate, with light to moderate demand and offerings.

Wednesday’s hog slaughter was estimated at 422,000 head, 10,000 more than last week, but 12,000 less than last year. Early ideas regarding the Saturday hog kill suggest a total of around 75,000 head. Yet such plans could be reined in some if processing profit potential continues to shrink.