Market News

Cash hogs mixed to end the week

Chicago Mercantile Exchange live cattle futures were steady to firm and feeders were mixed, consolidating after Thursday’s drop. April live was unchanged at $196.77 and June was up $.27 at $192.10. March feeders were down $.40 at $264.90 and April was $.17 lower at $264.82.

Cash cattle country was quiet Friday with the bulk of trade completed for the week. A little cleanup business was likely Friday afternoon. The week’s Southern live deals were marked at mostly $206, roughly $2 lower than the previous week. Northern dressed sales were at mostly $328, $1 lower from the week prior.

At Winter Livestock in Pratt, Kansas on Thursday, feeder steers 700 to 950 pounds sold steady to $4 lower. Feeder heifers 700 to 925 pounds were also steady to $4 lower. USDA says demand was moderate at the sale. Feeder supply included 67% steers and 82% of the offering was over 600 pounds. Medium and Large 1 feeder steers 864 to 892 pounds brought $253 to $268.50. Medium and Large 1 feeder heifers 757 to 778 pounds sold for $255 to $257.50.

Boxed beef closed lower with Choice down $2.11 at $321.87 and Select down $1.87 at $312.90. The Choice/Select spread was $8.97.

Estimated cattle slaughter was 100,000 head – down 14,000 on the week and down more than 16,000 on the year.

The USDA says supplies of hay remain moderate to heavy in Missouri, with slow movement over the past week and mostly light to moderate demand. Asking prices for medium squares of supreme quality alfalfa were $250 to $300 per ton, with asking prices for medium squares of premium at $200 to $250 and asking prices for large rounds of good to premium mixed grass at $125 to $200.

In South Dakota, hay movement by tonnage was unchanged on the week and up slightly on the year, with no reported activity for straw. The USDA says in eastern parts of the state, large squares of premium to supreme quality alfalfa sold at $250 per ton, with large squares of premium to supreme alfalfa/grass mix at $170. For dairy use, large rounds of premium alfalfa were reported at $120 per ton with large squares at $150 and large rounds of good grass were pegged at $110.

Lean hog futures were supported by the higher midday move in pork, but the gains were capped by questions about sustained domestic demand. April was up $.40 at $92.15 and May was $.20 higher at $96.02.

Cash hogs were mixed with light negotiated numbers at the major direct markets. Most buyers at those major direct markets had the needed near-term numbers in hand after the more aggressive movement earlier in the week, enabling those buyers to save some money Friday and bid sharply lower. The wholesale market is showing some signs of improved domestic demand, but that will have to be sustained. While export demand remains solid, that could be impacted by tariffs.

Barrows and gilts at the National Daily Direct were down $3.06 with a base range of $78.50 to $88. The Iowa/Minnesota was down $3.96 with a weighted average of $83.02. The Western Corn Belt was $3.53 lower with a weighted average of $83.45. The Eastern Corn Belt had no comparison, but a weighted average of $82.95.

Butcher hogs were steady to higher at the Midwest cash markets in Garnavillo, Iowa and Dorchester, Wisconsin. Barrows and gilts were up $4 at $64; sows were steady to higher with a range of $62 to $68; boars were marked at $22. At Red Oak, Iowa barrows and gilts were steady at $52; sows were steady to $1 higher at $62 to $65; boars were priced at $3 to $27.

Pork values were higher at the close – up $1.36 at $97. Bellies were sharply higher. Hams, picnics, and butts were higher. Ribs and loins were lower.

Estimated hog slaughter was 489,000 head – up 9,000 on the week and up nearly 7,500 on the year.

The USDA says early weaned pigs were weak to $2 lower and feeder pigs were down $2 from the previous week on light demand for moderate offerings. For early weaned pigs, on the composite cash basis, the range was $58 to $98, with a weighted average of $83.63, and on the composite formula basis, the range was $50.10 to $93.91 with a weighted average of $73.66, putting the weighted average for all early weaned pigs at $78.87. For feeder pigs, the cash composite basis ranged from $100 to $108, for a weighted average of $105.93.