Market News

Cattle futures higher, lean hogs were lower

At the, Chicago Mercantile Exchange ,live and feeder cattle futures closed sharply higher, feeling optimistic about this week’s direct cash cattle business. April live was up $3.55 at $240.97 and June was $2.77 higher at $236.57. March feeders were $2.67 higher at $267.45 and April was up $3.32 at $364.60.

Direct cash cattle trade was quiet. Bids and asking prices weren’t  established. Significant trade volume could be delayed until sometime today or Friday.

At the Ozarks Regional Stockyards Feeder Cattle sale in West Plains, Missouri, compared to last week, feeder steers and heifers sold steady to $3 higher. Steer calves sold $5 to $10 higher and heifer calves sold $10 to $15 higher. The USDA says demand was very good on moderate supply. Feeder supply included 59 percent steers and 39 percent of the offering was over 600 pounds. Medium and large 1 feeder steers 551 to 589 pounds brought $450 to $495 with an average price of $469.62. Medium and large 1 feeder heifers 550 to 582 pounds brought $410 to $441 with an average price of $433.08.

Boxed beef was lower. Choice closed $1.63 lower at $365.92, and Select was $.32 lower at $362.58; the Choice/Select spread was $3.34.

Estimated cattle slaughter was116,000 head, up 3,000 on the week but down 3,000 on the year.

Lean hog futures were lower, pressured by recent weakness in the pork carcass cutout value. April was down $1.65 at $93.85 and June was $1.47 lower at $107.47.

Cash hogs closed higher with a solid negotiated run. The cash hog market has been very active this week. Processors are being aggressive in their procurement efforts. The industry is focused on demand and while global demand remains strong there are some long term questions. Barrows and Gilts at the National Daily Direct were $.43 higher with a base range of $80 to $88.75 with a weighted average price of $88.17; Iowa/Minnesota was $1.11 higher with a weighted average price of $88.41; Western Cornbelt was $.48 higher with a weighted average price of $88.22; the Eastern Corn Belt did not report.

Butcher hog prices were steady at $64. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings from $47 to $59. Barrows and gilts prices were steady with moderate demand for moderate offerings at $45 to $55. Boards ranged from $8 to $15 and $5 to $8. 

Pork values closed down $1.69 at $93.77. All cuts excepts loins were sharply lower. Loins were higher.

Estimated hog slaughter was 495,000 head, up 5,000 on the week and 11,000 on the year.