Cattle country was quiet on Wednesday with few expecting significant business to develop before Thursday or Friday. There were a few bids in the South at 126.00, and 200.00 bids on a dressed basis in Nebraska. The combination of higher futures and strengthening cutouts would seem to be working to support bullish asking prices of 132.00 to 134.00 South and 208.00 plus in the North. Wednesday’s cattle slaughter was estimated at 118,000 head, 2,000 more than last week, but 13,000 less than last year.
Boxed beef cutout values were higher to sharply higher on moderate demand and light to moderate offerings. Choice boxed beef was up 2.73 at 196.88, and select was 1.48 higher at 192.63.
Chicago Mercantile Exchange live cattle contracts settled 2 to 45 points higher. The February contract was well supported thanks to ideas of at least steady to firm feedlot sales by Thursday or Friday. Sharply higher boxed beef cutout values at midday were also supportive to the nearby contracts. The deferred issues seemed a bit more cautious due to bull spreading and the premium structure of the board. February settled .45 higher at 129.35, and April was up .02 at 131.15.
Feeder cattle contracts were narrowly mixed from 7 points higher to 17 points lower. The action was quite lackluster in the feeder pit with profit taking interest taking some of the fluff off the nearby contracts. March settled .17 lower at 158.42, and April was up .02 at 160.87.
Feeder cattle receipts at the Philip Livestock Auction at Philip, SD totaled 4238 head. Compared to two weeks ago feeder steers sold 2.00 higher, feeder heifers were mostly steady, except 500 to 550 pounds 2.00 higher. Feeder steers medium and large 1 weighing 726 pounds brought 167.68 per hundredweight. 666 pound heifers averaged 159.09.
Lean hogs settled unchanged to 50 points higher, Spring and summer contracts traded moderately higher. Short covering and bull spreading seemed to be the most supportive features. April settled .05 higher at 90.32, and May was up .27 at 99.00.
The hog market was active with moderate to good demand. Barrows and gilts in the Iowa/Minnesota direct trade closed .63 higher at 88.46 on a carcass basis, the West was up .54 at 86.23, and the East was down .44 at 82.06. Missouri direct base carcass meat price closed steady from 77.00 to 80.00. Barrows and gilts at the terminals closed steady to 1.00 higher from 57.00 to 60.00 live.
Pork trading was moderate with light to moderate demand and mostly moderate offerings. Pork carcass value was down 1.14 at 84.93.
Wednesday’s hog slaughter was estimated at 421,000 head, 1,000 more than last week, and the same as last year. Saturday’s slaughter is now expected to be 95,000 to 100,000 head. Some plants still need to purchase hogs to fill out this week’s slaughter needs, and for starters next week. Thursday’s market looks steady to higher.
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