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Cattle futures end on a positive note

At the Chicago Mercantile Exchange, live and feeder cattle were mostly sharply higher on the sharply higher cash business and ahead of Friday’s On Feed report from the USDA.  February lives closed $3.67 higher at $204.77 and April live cattle closed $2.30 higher at $203.02.  March feeder cattle closed $2.50 higher at $276.57 and April feeder cattle closed $3.00 higher at $275.45. 

Direct cash cattle trade had a really solid week of business.  Dressed deals in the North were marked at $328 to $330, that’s $6 to $8 higher than the previous week’s weighted average basis in Nebraska.  Live deals in the North were at $210 to $212, also $6 to $8 higher than the previous week’s business.  Live deals in the South early in the week were at $201 to $202, steady to $1 higher than the prior week’s weighted averages, but business late in the day Friday in Kansas was at $208, well above the previous week’s business. 

At the Ogallala Livestock Auction in Nebraska, steers were $2 to $12 higher, except steers 550 to 650 pounds and which were $2 to $9 lower, and steers over 800 pounds were $2 to $5 lower.  Heifers were $3 to $8 higher with instances of $20 higher on replacement heifers and flyweights.  The USDA says demand was good on a nice offering.  The market was active, with several buyers in-house and online.  Receipts were down on the week, but up on the year.  Feeder supply included 52% steers and 67% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 700 to 728 pounds brought $302 to $311 and feeder steers 811 to 839 pounds brought $273.25 to $282.  Medium and Large 1 feeder heifers 550 to 598 pounds brought $316 to $337.50 and feeder heifers 656 to 697 pounds brought $281.50 to $296. 

In Nebraska, in the central part of the state, Alfalfa, ground, brought $135.  Alfalfa, good, large rounds, brought $70 to $85.  Prairie/Meadowgrass, premium, small squares brought $8.  Prairie/Meadowgrass, good/premium, large rounds brought $90.  Alfalfa, pellets, 17% dehydrated brought $290 to $360.  Pellets, 17%, sun-cured, brought $250 to $280.  In the Platte Valley region, alfalfa, ground, brought $130.  Pellets, 17% dehydrated, brought $300 to $320.  Pellets, 17% sun-cured, brought $300.  Alfalfa, good, large rounds, brought $85.  In the West, alfalfa, ground, brought $140.  Alfalfa, good, large squares brought $95 to $100.

Boxed beef closed lower with light demand for moderate offerings.  Choice was $3.04 lower at $327.92 and Select closed $.92 lower at $316.29.  The Choice/Select spread is $11.63.  Estimated cattle slaughter was 111,000 head – down 3,000 on the week and down nearly 10,000 on the year.  Saturday’s estimated kill is 3,000 head – up 1,000 on the week and down more than 3,500 on the year. 

Lean hog futures ended the day higher, supported by higher pork values during the session.  February lean hogs closed $.17 higher at $82.30 and April lean hogs closed $1.00 higher at $88.20. 

Cash hogs closed lower with a light negotiated run.  Processors likely had needed numbers on hand Friday and weren’t pressured to move numbers.  Demand for U.S. pork on the global market remains strong, and that’s helping provide some price support.  That was apparent with another solid week for export sales.  Domestic demand remains inconsistent, but there are likely opportunities for growth.  The industry continues to monitor available supplies of market-ready hogs and the ongoing talks about tariffs. Barrows and gilts at the National Daily Direct closed $1.87 lower with a base range of $78 to $84.50 and a weighted average of $80.38; the Iowa/Minnesota had no comparison but a weighted average of $81.05; the Western Corn Belt had a weighted average of $80.83; the Eastern Corn Belt had a weighted average of $79.75. 

According to the USDA’s Weekly Feeder Pig report, early-weaned pigs were steady to $1 lower per head and feeder pigs were $2 higher per head.  Demand was light to steady for a moderate offering.  The weighted average for early-weaned pigs was $78.60 and the weighted average for all feeder pigs was $107. 

Butcher hog prices at the Midwest cash markets were steady at $55. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $40 to $51.  Barrows and gilts were steady with moderate demand for moderate offerings at $46 to $56.  Boars ranged from $20 to $30 and $15 to $25. 

Pork values closed weak – down $.08 at $91.69. Butts, ribs, loins, and picnics were lower.  Hams and bellies were higher. Estimated hog slaughter was 485,000 head – even on the week and up about 9,000 on the year.  Saturday’s estimated kill is 186,000 head – down 27,000 on the week and down more than 96,000 on the year.

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