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Cattle showlists appear smaller than last week
Cattle country was typically slow on Monday afternoon following the distribution of the new showlists. This week’s offering appears to be smaller than last week in all areas especially Texas and Colorado. Initial asking prices are around 117.00 to 118.00 in the South and 185.00 plus in the North. If producers are patient in terms of basis improvement, significant trade volume may not develop until Thursday or Friday. The kill totaled 129,000 head, 4,000 more than last week, and 3,000 greater than a year ago.
Boxed beef cutout values were steady to weak on light to moderate demand and moderate to heavy offerings. Choice boxed beef was down .54 at 178.27, and select was down .16 at 170.69.
Chicago Mercantile Exchange live cattle contracts settled 27 to 65 points higher despite lower boxed beef values. Traders seemed more focused on the possibility that we may now be past the peak of market ready cattle as the hot weather has slowed gains over the last couple of weeks. This could continue to support the live markets, although boxed beef values will have to see some additional support as the week continues to keep traders active in the live market. August settled .65 higher at 118.60, and October was up .40 at 123.50.
Feeder cattle contracts settled 50 points higher to 80 lower. There were sharp early gains in the feeder pit when corn futures were posting sharp double digit losses, but that quickly turned around when deferred corn futures turned higher. Nearby feeder contracts posted losses while some deferred issues actually closed higher. August settled .45 lower at 135.65, and September was down .80 at 137.72.
Feeder cattle receipts at the Oklahoma National Stockyards on Monday totaled 5350 head. Compared to last week, feeder steers and heifers opened 2.00 to 5.00 lower. Steer and heifer calves were 2.00 to 3.00 lower. The early demand was moderate. Feeder steer calves weighing 500 to 600 lbs. traded from 120.00 to 130.00 per hundredweight. 650 to 700 pound yearling steers brought 134.00 to 137.15. 5 to 6 weight heifer calves traded from 124.50 to 135.00 and yearling heifers weighing 600 to 700 lbs. traded from 124.75 to 128.00.
Lean hogs settled 37 to 97 points lower in sluggish trade. The October contract received the most aggressive pressure as traders looked for light to moderate pressure in the grain markets and backed away from late week support surrounding tight supplies. August settled .37 lower at 93.32, and October was down .95 at 78.85.
There was slow market activity with light demand in the cash hog markets on Monday. Barrows and gilts in the Iowa/Minnesota direct trade closed .75 higher at 95.53 on a carcass basis, the West was up .70 at 95.19, and the East was 2.47 lower at 84.24. Missouri direct base carcass meat price closed 2.00 to 6.00 higher from 83.00 to 87.00. Terminal hogs were steady to 2.00 higher from 55.00 to 62.00.
Pork trading was slow with light to moderate demand and offerings. The Pork carcass cutout value was .26 lower at 90.95.
Monday’s hog slaughter was estimated at 398,000 head, 23,000 more than last week, and 4,000 greater than 2011.
Red meat inventories in U.S. freezers as of June 30 were the largest ever for that date. The frozen stockpile of pork totaled 591.685 million pounds, 20% greater than the prior year. Total frozen beef at the end of June amounted to 470.842 million, 9% above 2011.
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