Chicago Mercantile Exchange live and feeder cattle were up, watching direct business develop in the North at higher prices, following up on Tuesday's steady to higher trade. February live was up $2.35 at $191.37 and April was $1.97 higher at $192.62. January feeders were $1.72 higher at $259.05 and March was up $1.92 at $259.37.

Direct cash cattle business was light. Trade was reported at $300 dressed in Nebraska, up $3 on the week, with some live sales at $193. Asking prices were $192+ live in the South, with bids of $193 live in in Colorado. There's still likely at least some business left to be done. Tuesday's business was light at $191 live in Kansas, steady with the previous week's weighted average, and $191 live in Texas, $1 higher. The earlier-than-normal activity might be a sign some buyers are short bought and in need of supplies or that buyers in general want to get ahead of the slowdown for the weeks of Christmas and New Year celebrations.

At the OKC West Livestock Auction in Oklahoma, compared to previous week, feeder steers and heifers were steady to $5 higher on good demand, while steer and heifer calves were $5 to $10 lower, with the best demand on weaned calves with shots. The USDA says receipts were up on the week and the year. 61% of the offering were steers and half of the feeder run weighed more than 600 pounds. Medium and Large 1 feeder steers weighing 500 to 600 pounds ranged from $279 to $355 and 700-to-800-pound steers brought $250 to $271. Medium and Large 1 feeder heifers weighing 500 to 600 pounds were reported at $257.50 to $330 and 600-to-700-pound heifers sold at $240 to $278.

Boxed beef closed lower with moderate to heavy movement. Choice was down $.50 at $311.23 and Select beef was $1.54 lower for a spread of $33.12. The estimated cattle slaughter of 125,000 head was unchanged on the week and down 1,676 on the year.

Lean hog futures were pressured by the ongoing questions about domestic pork demand, with the cutout value lower at midday. February was down $.20 at $84.37 and April was $.65 higher at $88.25.

Cash hog business was steady to modestly lower with light to moderate closing negotiated numbers at the major direct markets. After a higher move at midday, it looks like buyers were able to pull back and spend less to move the needed near-term numbers. Domestic demand remains inconsistent, but exports have been solid, with the USDA's next round of weekly sales numbers out Thursday morning. The average barrow and gilt weight in the Iowa/Southern Minnesota/South Dakota reporting area for the week ending December 7 was 289.1 pounds, steady on the week and down 1.5 on the year.

National direct barrows and gilts closed $.72 lower with a base price range of $76 to $84 for a weighted average of $81.39, with Iowa/Southern Minnesota down $.59 at $81.97 and the Western Corn Belt $.48 lower at $81.73. The Eastern Corn Belt had no reported comparison with a five-day rolling average of $79.73. The butcher hog markets in Garnavillo, Iowa and Dorchester, Wisconsin were steady at $52. Illinois direct sows were steady at $34 to $46 with moderate demand for heavy offerings. Barrows and gilts were steady at $50 to $60 on moderate demand and offerings. Boars ranged from $15 to $30.

Pork closed $.27 lower at $92.87. Loins, ribs, hams, and bellies were down, butts and picnics were up. The estimated hog slaughter of 487,000 head was down 2,000 on the week and 3,862 on the year.