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Barrows and gilts were mostly higher on Monday

The new show lists have been distributed and the new offering appears to be about steady with last week. Fewer cattle are being offered in Texas this week, but there are larger numbers on the lists in Kansas, Colorado and Nebraska. Asking prices are around 122.00 live and 190.00 plus dressed. Packers will be watching their margins and chain speed and cattle feeders will be looking for direction from the futures market. The cattle kill was only 123,000 head on Monday, 3,000 below last week, and down 4,000 from last year.

Boxed beef values were steady to weak on light to moderate demand and offerings. Choice boxed beef was .24 higher at 185.24, and select was down .78 at 166.20.

Live cattle contracts on the Chicago Mercantile Exchange settled 20 to 57 points higher with the exception of October. The early support across the live cattle futures held through much of the morning session. But, at midday October futures gave back all of the early gains. The moderate to strong pressure in the outside markets limited follow through support from buyers as traders looked for additional widespread economic support. Traders also focused on uncertain domestic demand for beef.  October settled .30 lower at 121.35, and December was up .45 at 123.65.

Feeder cattle were mostly unchanged to 45 points higher as feeder issues did very little through much of the session. The early support across the live market was offset by the lack of direction in the grain markets and pressure on the stock market. October up .25 at 140.15, and November was unchanged at 144.42.

Feeder cattle receipts at the Oklahoma National Stockyards on Monday totaled 10,000 head. Feeder steers were steady to 2.00 higher in a light test., feeder heifers were 3.00 higher. Steer and heifer calves were 2.00 to 3.00 higher. The demand was good for most classes.  Feeder steers calves, medium and large 1 weighing 550 to 600 pounds brought 136.00 to 153.00 per hundredweight. 7 to 8 weight yearlings traded from 138.75 to 144.00. 5 to 6 weight heifer calves brought 131.00 to 138.00 and 7 to 8 weight yearlings from 124.75 to 129.50.

Lean hog contracts ended mostly higher with just a couple of the spring 2012 contracts in the red. Moderate to strong gains were seen early in the session as traders focused on additional widespread demand for pork and follow through from last week’s support. December settled .62 higher at 90.70, and February was up .90 at 93.45.

Hog market activity was moderate with moderate demand. Iowa/Minnesota barrows and gilts closed 1.03 higher at 91.44, the West was up .96 at 91.08, and the East was down 1.12 at 91.25 weighted averages on a carcass basis. Missouri direct base carcass meat price closed steady to 1.00 higher from 86.00 to 87.00. Terminal hogs ended the day steady from 59.00 to 62.00 on a live basis.

Pork trading was slow to moderate with moderate demand and offerings. Pork carcass value was 1.03 higher at 98.71.

Monday’s hog slaughter was estimated at 432,000 head, 6,000 more than last week, and 12,000 greater than 2010.

Early weaned pigs and all feeder pigs trended $5.00 to $8.00 per head higher last week, a sign that producers are responding to attractive feeding margins. Forces of herd expansion seem to be building.

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