Cattle country was typically quiet as packers made the rounds collecting new showlists. Ready numbers appear to be mixed, larger in the South and smaller in the North. Generally speaking, the mid-month offering appears to be about steady with last week. According to the closing report, the national hog base is $0.53 lower ($51.00-$56.75, weighted average $55.53). The corn market closed mostly 4 cents lower, checked by good Brazilian rainfall and that country's growing harvest potential. The stock market closed solidly higher with the Dow up 183 points with the Nasdaq better by 51.
LIVE CATTLE
Inspired by impressive packer spending for ready cattle on Thursday, live issues closed with solid progress. June through December once again set new contract highs. Beef cut-outs: sharply higher, up $1.30 (select, $200.78) to $2.05 (choice, $214.13) with moderate to good demand and light offerings (29 loads of choice cuts, 21 loads of select cuts, 9 loads of trimmings, 32 loads of coarse grinds).
TUESDAY'S CASH CATTLE CALL:
Steady to $2 higher. Tuesday is expected to be typically slow with bids and asking prices remaining poorly defined.
FEEDER CATTLE
Feeders closed mostly 122 to 200 higher, scoring yet another round of new contract highs in the process. This market was once again aggressively supported by commercial buyers. On an estimated run of 6,000 head (down from 8,209 last week but near even with a year earlier), Oklahoma City sold feeder steers and heifers $2-$4 higher. CME cash feeder index: 04/14: $136.12 up $0.30.
LEAN HOGS
Lean hog issues continued to drift lower Monday with prices settling off 15 to 57. Summer contracts would appear to be near the bottom of a trading range where potential buying interest could begin to surface. Note that spot April expired Monday at 61.97. Carcass value closed moderately higher as appreciating loins and bellies were checked by softer demand for butts. Pork cut-out: $74.73, off $0.44. CME cash lean index for 04/13: $63.19, off $0.49 (DTN Projected lean index for 04/14: $62.59, off 0.60).
TUESDAY'S CASH HOG CALL
Steady to $1 lower. Look for the cash hog trade to remain on the defensive in the morning with packers once again using steady to $1 lower bids.
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