Market News

Cash cattle trade waits until Friday

The cash cattle trade was untested on Thursday afternoon. Packer inquiry was light to moderate in some areas, but there didn’t appear to be enough price strength to generate any selling interest. Private sources report bids of 113.00 to 114.00 live and 183.00 to 185.00 dressed. Asking prices are around 120.00 in the South, and 190.00 in the North. Rumors circulated in the cattle trade that one regional buyer in Iowa was willing to pay as much as 117.00 to 118.00 live, but DTN was unable to confirm that. The kill totaled 111,000 head, 2,000 less than last week, but 2,000 head more than last year.

Boxed beef cutout values were weak on light to moderate demand and offerings. Choice beef was down .32 at 198.76, and select was .34 lower at 189.71.

Live cattle contracts on the Chicago Mercantile Exchange settled 62 to 140 points in the red after backing away from early morning gains. Profit taking and long liquidation were the main market features.

Feeder cattle settled180 to 292 points lower. Feeders saw triple digit gains through much of the session, but failed to hold those gains through the close due to a lack of momentum in fundamentals in the live cattle futures.

Feeder cattle receipts at the Bassett, Nebraska Livestock Auction Market totaled 2425 head on Wednesday, Compared with two weeks ago 800 pound steers traded 4.00 higher, 950 to 1,000 pounds were steady to 3.00 higher. 650 to 800 pound heifers were unevenly steady. There was a high demand for replacement quality Sandhill raised heifers. 519 head of feeder steers medium and large 1 weighing 968 pounds averaged 141.34 per hundredweight. 80 head of 929 pound replacement heifers average 141.50.

Lean hogs settled 37 to 282 points lower with the August contract down the most. The overall tone of the market was very weak, and the lack of additional seller activity moving into the market was the main focus on price support.

Barrows and gilts in the Iowa/Minnesota direct trade closed 1.06 lower at 67.17 weighted average on a carcass basis, the west was also down 1.06 at 67.15, and nationally the market was 1.19 lower at 66.62. The Missouri direct base carcass meat price was steady to 1.00 lower from 63.00 to 66.00. Midwest hogs were fully steady from 40.00 to 50.00 on a live basis.

The pork carcass cutout value was down 2.32 at 80.17 FOB plant. Bellies were down 13.67.

For the week ending July 23, Iowa barrows and gilts averaged 277.3 pounds, .4 pounds lighter than the previous week. And .5 pounds below 2015.

The Thursday hog slaughter was estimated by USDA at 412,000 head, 18,000 less than last week, and down 12,000 from last year.

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