Market News

Cattle futures higher ahead of direct business

At the Chicago Mercantile Exchange, live and feeder cattle were up sharply ahead of the week’s direct business.  April lives closed $1.85 higher at $201.40 and June lives closed $1.62 higher at $197.87.  April feeder cattle closed $3.02 higher at $280.72 and May feeder cattle closed $2.92 higher at $281.87.   

Direct cash cattle trade was relatively quiet Wednesday.  There was a handful of business reported in Kansas at $200 live, but the rest of cattle country was quiet.  Asking prices were around $202-plus live in the South, but weren’t established in the North.  Look for significant trade volume to take place sometime Thursday or Friday.

At the Ozarks Regional Stockyards in Missouri, feeder steers and heifers sold $4 to $8 higher.  Steer and heifer calves were $10 to $15 higher.  Calves under 500 pounds were $15 to $20 higher.  The USDA says demand was very good on a moderate supply.  Improved weather conditions have helped boost demand for calves as grass begins to green up.  Receipts were up on the week and the year.  Feeder supply included 49% steers and 34% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 560 to 570 pounds brought $346 to $382 and feeder steers 860 to 868 pounds brought $260 to $267.  Medium and Large 1 feeder heifers 503 to 549 pounds brought $307.50 to $340 and feeder heifers 660 to 699 pounds brought $270 to $280. 

Boxed beef closed mixed with light to moderate demand for solid offerings.  Choice closed $.10 lower at $321.10 and Select was $.67 higher at $307.53.  The Choice/Select spread is $13.57. Estimated cattle slaughter was 123,000 head – up 3,000 on the week and up about 7,000 on the year.

Lean hog futures ended the day mixed, with long-term concerns about demand.  April lean hogs closed $.05 lower at $86.50 and May lean hogs closed $.25 higher at $90.45. 

Cash hogs closed higher with a solid negotiated run.  Processors have been more aggressive in their procurement efforts and have been bidding up to move numbers and keep up with slaughter pace.  Demand for U.S. pork on the global market has been strong, and that’s helping to provide price support.  The industry continues to monitor the availability of market-ready hogs and hog weights. Markets also continue to gauge the impact of tariffs and retaliatory tariffs. Barrows and gilts at the National Daily Direct closed $.66 higher with a base range of $84 to $94 and a weighted average of $91.64; the Iowa/Minnesota closed $.91 higher with a weighted average of $91.89; the Western Corn Belt closed $.90 higher with a weighted average of $91.88.  Prices at the Eastern Corn Belt were not reported due to confidentiality.

Butcher hog prices at the Midwest cash markets are steady to $1 lower at $60 and $57. At Illinois, slaughter sow prices were steady with moderate demand for light to moderate offerings at $60 to $72.  Barrows and gilts were steady with moderate demand for moderate offerings at $51 to $61.  Boars ranged from $20 to $30 and $15 to $25.

Pork values closed lower – down $3.00 at $94.58.  Bellies dropped sharply, down more than $13.  Butts, ribs, hams, loins, and picnics were also lower. Estimated hog slaughter was 489,000 head – up 123,000 on the week and up about 5,000 on the year.