Market News

Cash cattle trade slow to develop

The cash cattle trade still had not developed by late afternoon on Friday. Only a few scattered bids were reported at 101.00 live, and 160.00 to 162.00 dressed. The majority of trade so far this week was on Wednesday on the Fat Cattle Exchange Auction report. Asking prices remain firm around 106.00 to 107.00 in the South, and 165.00 in the North. The weekly cattle slaughter was estimated at 610,000 head, 4,000 more than the previous week, and 52,000 greater than 2015.

Boxed beef cutout values are lower on light demand and offerings. Choice beef .97 lower at 184.62, select 167.21, down .96.

Chicago Mercantile Exchange live cattle contracts closed .37 to 1.10 higher. Although prices bounced around in a moderate to wide range during the lightly traded session. Continued moves higher early next week would help to solidify market support through the complex and bring additional commercial buyer activity to the table.

Feeder cattle ended the session .35 to .90 higher as buyers focused on the follow-through support seen during the week, but remained cautiously optimistic given the light trade volume during the Friday session and still range bound activity through the entire complex.

Feeder cattle receipts at Missouri auctions this week totaled 27,401 head. Compared to last week, feeder steers and heifers sold mostly steady. Most early week sales did trend higher but by mid to late week there was just as many which trended lower. The supply of feeders was moderate to good made up mostly of spring born calves but just enough yearlings scattered in to keep some buyers awake and on their toes. Feeder steers medium and large 1 averaging 624 pounds brought 126.55 per hundredweight. 620 pound heifers traded at 119.14.

Lean hog contracts settled .22 higher to .25 in the red. The early gains were trimmed at midday as light volume seen through most markets during the end of the week Veterans Day holiday have continued to shift market attention away from market activity.

Barrows and gilts in the Iowa/Minnesota direct trade closed .48 lower at 41.15 weighted average on a carcass basis, the West was down .28 at 41.27, and nationally the market was .38 lower at 41.21. Missouri direct base carcass meat price was steady 36.00 to 37.00. Midwest hogs on a live basis were poorly tested with only Peoria reporting steady prices from 22.00 to 25.00.

The pork carcass cutout value closed .81 lower at 74.10 FOB plant.

Feeder pig receipts nationally this week totaled 92,288 head, up substantially from the previous week and last year. Early weaned pigs and all feeder pigs were 4.00 per head higher. The demand was moderate for moderate offerings. Early weaned pigs, 10-12 pound basis 22.50 to 37.00 per head. 40 pound pigs 27.00 to 37.00. Prices quoted are on a per head basis delivered to the buyer’s farm, and include freight and fees on a farm to farm basis.

The weekly hog slaughter totaled 2,452,000 head, 71,000 less than last week, but 58,000 more than last year.