Market News

Cattle futures all move higher

At the Chicago Mercantile Exchange, live and feeder cattle were higher, watching direct cash cattle business develop and getting ready for Friday’s USDA Cattle on Feed report. April live was up $1.22 at $119.42 and June was $.57 higher at $122.02. March feeders were $.35 higher at $136.92 and April was up $1.32 at $144.65.

A light trade developed at the end of the day on Wednesday. Live deals in Nebraska, Kansas and Colorado were at $114, steady with last week. Asking prices were around $116 in the South. Prices in the North didn’t become established.

Boxed beef closed mixed with moderate demand for moderate offerings. Choice closed $1.54 higher at $228.47 and Select closed $1.18 lower at $217.59.  The Choice/Select spread is $10.88.  

At the Roswell Livestock Auction in New Mexico, compared to last week there was a lower undertone noted on steers over 500 pounds. Heifers 650 to 7000 pounds were lower to sharply lower. USDA says demand was moderate.  Receipts were down on the week but up on the year.  Feeder supply included 46 percent steers and 11 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 463 to 545 pounds brought $155.00 to $178.50 and feeder steers 586 to 675 pounds brought $133 to $155.50. Medium and Large 1 feeder heifers 400 to 498 pounds brought $134 to $162.50 and feeder heifers 504 to 595 pounds brought $134.00 to $144.00. 

Estimated cattle slaughter is 117,000 head – down 4,000 on the week and 7,000 on the year.

Lean hog futures were supported by the sharply higher midday move in pork and some higher cash business during the session, but gains were somewhat limited by contracts’ premium to the cash index. April was $.77 higher at $93.67 and May was up $.95 at $96.07.

Cash hogs closed firm to higher with moderate negotiated purchases.  

Barrows and gilts at the National Daily Direct closed $.42 higher for a weighted average of $86.84; the Iowa/Minnesota closed $.75 higher for a weighted average of $89.01; the Western Corn Belt closed $.63 higher for a weighted average of $88.91.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher prices at the Midwest cash markets fell $2 to $58. At Illinois, slaughter sow prices were firm with very good demand for heavy offerings at $71 to $82.  Barrow and gilt prices were steady with good demand for moderate to heavy offerings at $58 to $64.  Boars ranged from $25 to $30 and $12 to $15. 

Pork values closed slightly lower – down $.10 at $100.80.  Loins, butts and picnics closed lower. Ribs, hams and bellies closed higher. Estimated hog slaughter is 494,000 head – up 2,000 on the week but down 9,000 on the year.