Market News

A quiet day in futures

Private sources reported a few more bids on the cattle Thursday afternoon from 130.00 to 132.00 in the South and 208.00 to 210.00 in the North. Asking prices are around 138.00 to 140.00 in the South and 215.00 plus in the North. It looks like significant business will wait until Friday. The kill was estimated at 111,000 head, the same as last week and 2015.

Boxed beef cutout values were lower on choice and firm on select on light to moderate demand and moderate to heavy offerings. Choice beef was down 1.21 at 220.12, and select was up .41 at 215.43.

Live cattle contracts on the Chicago Mercantile Exchange settled 25 to 72 points lower. Live traders seemed to be taking a breather, pulling prices some lower in the wake of midweek bullishness. For the most part contracts were moderately lower, checked by pre-cash profit taking and some caution tied to faltering beef cutouts.

Feeder cattle ended the session mostly lower. Spot February held on to moderate gains as it moved toward its expiration. But, the rest of the feeder contracts were moderately lower pressured by spillover selling from the live trade.

Feeder cattle receipts at the Springfield, Missouri Livestock Marketing Center totaled 2017 head on Wednesday. There were not enough receipts last week for a price comparison. Compared to two weeks ago steers weighing less than 700 pounds trended 5.00 to 10.00 higher, over 700 pounds steady, all weights of heifers steady to 4.00 higher. Feeder steers medium and large 1 weighing 628 pounds traded at 176.24 per hundredweight. 584 pound heifers brought 150.53.

Lean hogs settled 7 to 77 points lower. The lean trade was quite slow and uneventful with neither side displaying much initiative. Prices were moderately lower for the most part, although spot February received some support from bull spreading and the recent advancing cash market. April was down 77, and down the most.

Barrows and gilts in the Iowa/Minnesota and Western direct trade areas were both .54 higher at 60.47 weighted average on a carcass basis. The Eastern and national trades were not reported due to confidentiality. Missouri direct base carcass meat price was steady to 1.00 higher form 47.00 to 52.00. Midwest hogs on a live basis closed steady to 1.00 to 2.00 higher from 35.00 to 42.00.

The pork carcass cutout value was up 1.16 at 76.93 FOB plant. The belly and loin primals were significantly higher.

Iowa barrows and gilts last week averaged 284.6 pounds, .7 pounds lighter than the week before and 1.5 pounds smaller than 2015,

Thursday’s hog kill is estimated at 435,000 head, 4,000 more than last week, and 8,000 greater than last year.