Market News
A light round of direct cattle business on Friday
Direct cash cattle trade activity was relatively quiet Friday, with a few deals reported in the South. For the week, live deals in the South were at $245 to $246, $8 to $9 higher than the previous week’s weighted averages. Dressed deals in the North were at mostly $385, $13 higher than the prior week’s weighted average basis in Nebraska.
At the Apache Livestock Auction in Oklahoma, feeder steers were $10 to $12 higher and feeder heifers were unevenly steady. Steer calves were $10 to $15 higher with spots of $25 higher. Heifer calves were $5 to $10 higher. The USDA says quality was good to attractive and demand was good. Receipts were down on the week and the year. Feeder supply included 78 percent steers with 74 percent of the offering weighed more than 600 pounds. Medium and Large 1 feeder steers 667 to 682 pounds brought $412.50 to $420 and feeder steers 802 to 849 pounds brought $352 to $367.50. Medium and Large 1 feeder heifers 605 to 640 pounds brought $395 to $407.50 and feeder heifers 713 to 745 pounds brought $335 to $342.
In Missouri, hay supplies are moderate and demand is moderate to light. Prices are steady to weak for common quality hay, higher end hay remains fully steady. The USDA says many alfalfa producers have already had to spray for weevils and are considering a second application prior to the first cutting. Alfalfa, supreme, medium squares, brought $250 to $300. Alfalfa, supreme, small squares, brought $10 to $15. Alfalfa, premium, medium squares, brought $175 to $225. Alfalfa, good, large rounds, brought $150 to $175. Alfalfa, good, small squares, brought $6 to $10. Mixed grass, premium, medium squares, brought $150 to $200. Mixed grass, good/premium, large rounds, brought $100 to $150.
Boxed beef closed lower with light demand for moderate offerings. Choice was $1.80 lower at $387.78 and Select was $1.51 lower at $386.19. The Choice/Select spread was $1.59. Estimated cattle slaughter was 96,000 head, up 4,000 on the week and down more than 13,000 on the year. Saturday’s estimated kill is 8,000 head, down 11,000 on the week and about even on the year.
Cash hogs closed lower with a light negotiated run. The big picture for the cash hog market is demand and how it stacks up with available supplies. While there have been some bright spots recently when it comes to demand for US pork on the global market, there are still some uncertainties that linger around long-term strength. Pork remains a competitively priced protein in the retail space, which could provide a demand boost in the domestic market. The industry is also watching the availability of market-ready hogs and hog weights. Barrows and gilts at the National Daily Direct closed $.96 lower with a base range of $89 to $91 and a weighted average of $89.39; the Iowa/Minnesota closed $.06 lower with a weighted average of $89.82; the Western Corn Belt closed $.34 lower with a weighted average of $89.82. Prices at the Eastern Corn Belt were not reported due to confidentiality.
According to the USDA’s National Feeder Pig report, early-weaned pigs and feeder pigs were steady to weak. Trade was moderate to active with a light to moderate demand for moderate to heavy offerings. The weighted average for all early-weaned pigs was $74.01 and the weighted average for all feeder pigs was $126.47.
Butcher hog prices were not reported today in Dorchester, Wisconsin because the market was closed. Earlier this week, prices in Red Oak, Iowa, which reports on the 1st and 3rd Wednesdays of the month were steady at $60.
Pork values closed higher, up $1.76 at $98.95. Bellies were sharply higher. Loins, butts, hams, and picnics were up, while ribs were lower. Estimated hog slaughter 420,000 head, down 58,000 on the week and down more than 61,000 on the year. Saturday’s estimated kill is 11,000 head, down 47,000 on the week and down more than 105,000 on the year.
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