Market News
Cash cattle trade remains at a standstill
Chicago Mercantile Exchange live and feeder cattle futures were mixed, with boxed beef mixed at midday, waiting for the week’s direct business. December live was down $1.30 at $186.40 and February was $.65 lower at $187.75 November feeders were down $.42 at $248.12 and January was up $.47 at $242.55.
Direct cash cattle trade remained at a standstill Thursday afternoon with just a few bids on the table in parts of Nebraska. Asking prices are being noted at $187 in the South, but they are still not established in the North. Significant trade volume will likely be delayed until Friday. The USDA says beef export sales of 22,500 tons were a big increase from the previous week and 68% larger than the four-week average, with South Korea and China leading the pack.
At the Sioux Falls Regional Cattle Auction in South Dakota, yearling feeder steers over 850 pounds sold $4 to $6 lower compared to the most recent sale. Feeder heiefers over 650 pounds were anywhere from $4 lower to $1 higher. USDA says there were many load lots of yearlings, along with plenty of smaller strings of both calves and yearlings. Demand was good, especially on the load lots. Feeder supply included 47% steers and 88% of the offering was over 600 pounds. Medium and Large 1 feeder steers 958 to 995 pounds brought $222 to $227.50. Medium and Large 1 feeder heifers 801 to 840 pounds sold for $225 to $237.
Boxed beef closed lower with Choice down a penny at $299.80 and Select down $.64 at $283.29. The Choice/Select spread was $16.51.
Estimated cattle slaughter was 124,000 head – unchanged on the week and year.
Lean hog futures were mixed on spread trade, questions about sustained domestic pork demand, and the solid week for export sales. December was down $.35 at $76.40 and February was unchanged at $80.15.
Cash hogs were steady to lower with light closing negotiated numbers at the major direct markets. It looks like the midday bumps in the direct trend and wholesale pork were just that, bumps, with both cash and wholesale business likely having seen their highs for the week. Most buyers have the needed near-term numbers in hand and while there have been some positive signs, wholesale business continues to be inconsistent over an extended period of time.
Barrows and gilts at the National Daily Direct were down $1.92 with a base range of $72 to $76.50 and weighted average price of $73.99. The Iowa/Minnesota, Western Corn Belt, and Eastern Corn Belt were not reported due to confidentiality.
Butcher hogs are steady to higher at the Midwest cash markets. In Dorchester, Wisconsin and Garnavillo, Iowa, barrows and gilts are steady at $55; sows are steady at $51 to $57; boars are priced at $16. At Red Oak, Iowa, barrows and gilts are steady at $51; sows are higher at $66 to $69; boars are priced from $3 to $28. At Illinois, barrows and gilts are steady at $45 to $55; sows are steady at $56 to $68; boars are priced at $15 to $30.
Pork values were lower at the close – down $.22 at $94.80.
Estimated hog slaughter was 481,000 head – unchanged on the week and down nearly 2,000 on the year.
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