Cattle country was typically quiet on Monday. The new showlists are generally steady with last week with a few less cattle offered in the West. Although asking prices are sketchy in the early rounds a few feedlot managers have priced showlists around 126.00 in the South, and 195.00 plus in the North. The kill totaled 128,000 head, 2,000 more than last week, but even with a year ago.
Boxed beef cutout values were firm on light to moderate demand and offerings. Choice beef was up .58 at 190.57, and select was .78 higher at 176.42.
Live cattle futures closed mixed in light trade with the October and December contracts holding on to buyer support despite pressure that developed in the 2013 contracts. Traders are looking for additional trade interest to be seen later in the week. Although the market remained open, Columbus Day seemed to have significantly limited trade participation across all markets. October settled .30 higher at 123.35, and December was up .20 at 126.40.
Feeder cattle ended the session unchanged to 32 points higher but trade was inactive for much of the morning with the electronic markets trading mixed in a narrow range. Most feeder cattle traders were comfortable on the sidelines as they waited for the next big shift in outside market prices. October settled unchanged at 144.82, and November was up .10 at 146.30.
Feeder cattle receipts at the Oklahoma National Stockyards on Monday totaled 7000 head. Compared to last week feeder steers and heifer s were not well tested in the early rounds. The bulk of the early sales weighed less than 600 lbs. Steer and heifer calves opened 4.00 to 12.00 higher, with most of the advance weighing less than 500 lbs. Steer calves weighing 500 to 550 lbs. traded at 158.00 to 172.00. Heifer calves weighing 500 to 550 lbs. brought 141.50 to 143.00.
Lean hogs ended the session 32 points higher to 55 lower as light to moderate support was seen through the nearby contracts , commercial buying slowly stepped into the market to test the waters following the weekend break. Although there may not be a big surge of support in the cash hog market, trades are looking for stability in order to help maintain the rally seen over the last couple of weeks. October settled .15 higher at 81.47, and December was up .32 at 76.87.
The hog market was not well established on Monday, There was slow market activity with light demand. Barrows and gilts in the Iowa/Minnesota direct trade closed .59 higher at 80.54 on a carcass basis, the West was up .05 at 79.86, and the East was down .35 at 78.77. The Missouri direct base carcass meat price closed steady to 3.00 higher at 73.00. Terminal hogs on a live basis were steady to 2.00 higher from 50.00 to 56.00.
Pork trading was slow, with light demand and offerings. Pork carcass cutout value was up .02 at 82.49.
Monday’s hog slaughter was estimated at 435,000 head, 2,000 less than last week, but 9,000 more than a year ago.© Copyright 2012 Brownfield, All rights Reserved. Written For: Brownfield