Market News

Cash cattle trade ends week with scattered business

Chicago Mercantile Exchange live cattle futures were mostly lower and feeders were mostly higher, watching corn and waiting to see if there was any direct business left to be done. December live was down $.70 at $187.57 and February was $.67 lower at $188.20. November feeders were down $.15 at $249.80 and January was up $.05 at $247.25.

Cash cattle country had some scattered trade being reported in western Nebraska Friday afternoon at $188. In the South, sales were being reported at $187, steady with Thursday’s business. Southern live deals were priced at $186 to $187, steady to a dollar higher than the previous week. Northern dressed trade was marked at $296, fully steady with the week prior.

At the Clarinda Livestock Auction in Iowa on Thursday, 600 to 700 pounds steer calves sold steady with a weaker undertone compared to the most recent sale from two weeks ago. 800 to 900 pound yearling steers were steady to $3 higher. The heifer trade saw 600 to 700 pound calves $2 to $3 higher with 800 to 900 pound heifers steady to $4 higher. Receipts were up sharply from last month and year-ago levels. USDA says demand was good for the offering. 70% of the supply was over 600 pounds.

Boxed beef was delayed at the close due to packer submission issues but were higher at midday with Choice up $1.10 at $311.05 and Select up $.98 at $291.71. The Choice/Select spread was $19.34.

Estimated cattle slaughter was 106,000 head – down 2,000 on the week and down nearly 5,000 on the year.

Lean hog futures were supported by short covering and the modestly higher midday move in pork. December was up $.70 at $77.65 and February was $.75 higher at $81.15.

Cash hogs were steady with very light closing negotiated numbers at the major direct markets. It was a quiet week overall for cash business with mostly lower prices and limited negotiated movement as buyers try to improve their margins. The ongoing uncertainties about sustained domestic demand also played a role in limiting the week’s business.

Barrows and gilts at the National Daily Direct had no comparison at the close, but had a base range of $69 to $76.50 and weighted average of $74.34. The Western Corn Belt had a weighted average of $74.39. The Iowa/Minnesota and Eastern Corn Belt were not reported due to confidentiality.

Butcher hogs are mostly steady at the Midwest cash markets with barrows and gilts priced at $60; slaughter sows at $60 to $66; and boars marked at $19. At the Illinois markets, slaughter sows are steady at $56 to $68 and boars have a range of $15 to $30.

USDA says pork values were delayed at the close due to packer submission  issues.

Estimated hog slaughter was 484,000 head – up 4,000 on the week and up more than 1,000 on the year.

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