There were a few bids on cattle in the South at 120.00 live and in Nebraska at 193.00 dressed, but for the most part feedlot country went untested on Tuesday afternoon. Bids and asking prices are not well defined but some producers have priced show lists around 126.00 plus live and 203.00 to 205.00 on a dressed basis. At this point it appears that both feedlot operators and packers are well rooted, but the uncertainty of feeder’s ability to hold cattle and the need for packers to gain additional supplies could move the process along quickly over the next couple of days. Cattle slaughter was estimated at 125,000 head, the same as last week, and 1,000 more than last year.
Boxed beef cutout values were weak on select and firm on choice with moderate demand and offerings. Choice boxed beef was up .35 at 183.23, and select was down .60 at 178.08.
Chicago Mercantile Exchange live cattle contracts settled 10 to 92 points higher on the broad strength in the commodity markets. There was some repositioning by traders after the sell off on Monday. There is some concern by investors that cattle prices will drop due to poor margins by packers resulting in further reduced chain speed. February settled .92 higher at 124.85, and April was up .82 at 128.57.
Feeder cattle contracts ended the session 20 to 117 points higher on support from the live pit. The underlying shrinking cattle inventory numbers are expected to help keep both the cash and futures market supported as buyers look for additional supplies over the spring months. March feeders settled 1.17 higher at 155.52, and April was up 1.02 at 167.62.
At the Oklahoma National Stockyards on Monday actual receipts totaled 7,075 cattle. Compared to last week, feeder steers weighing more than 750 pounds were steady to 2.00 lower, less than 750 lbs trended 1.00 to 2.00 higher. Heifers were steady to 2.00 higher. Demand was moderate to good for feeder cattle. Feeder steer and heifer calves were 3.00 to 6.00 higher, with good demand for the calves. Feeder steers medium and large 1 averaging 728 pounds traded at 149.71 per hundredweight. 728 pound heifers brought an average of 142.97.
Lean hogs settled 60 to 172 points in the black on early solid support from the grain markets as well as renewed end of the month buying activity in the nearby futures. Futures hit a two month high on ideas there will be a seasonal rebound in demand and improvement in wholesale prices. Additional support came from strength in other commodity markets. February settled 1.07 higher at 87.52, and April was up 1.72 at 88.87.
Hog market activity was slow with light demand. Barrows and gilts in the Iowa/Minnesota direct trade closed .91 lower at 86.03 on a carcass basis, weighted average. The West was down 1.06 at 85.79, and the East was 1.55 lower at 79.33. Missouri direct base carcass meat price closed steady to 1.00 higher at 81.00. Terminal hogs were steady with an instance of 2.00 lower from 55.00 to 61.00.
Pork trading was moderate with light to moderate demand and offerings. Pork carcass cutout value was up 1.24 at 85.15.
Hog slaughter on Tuesday was estimated at 417,000 head, 10,000 less than last week, but up 44,000 head from last year. Saturday’s slaughter is estimated to be from 80,000 to 90,000 head. Producers are said to be fairly current in their marketing’s and in no hurry to move hogs at lower prices. Wednesday’s market looks to be steady.
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