Market News

Cattle futures mostly higher ahead of direct business

At the Chicago Mercantile Exchange, live and feeder cattle were mostly higher ahead of the week’s direct business.  August live cattle closed $.72 higher at $187.70 and October lives closed $.65 higher at $187.45.  August feeder cattle closed $.55 higher at $256.97 and September feeders closed $.87 higher at $256.90. 

Direct cash cattle trade activity was quiet again Tuesday.  Bids and asking prices weren’t established.  Showlists this week are mixed, higher in Nebraska, Colorado, and Kansas, while lower in Texas.  Significant trade volume will likely be delayed until sometime Thursday or Friday. 

At the Callaway Livestock Center in Missouri, there was a much lighter offering this week with steer and heifer calves under 600 pounds lightly tested with very few comparisons available.  Six-weight steers were mostly $5 to $10 lower compared to the active market last week.  Feeder heifers 600 to 700 pounds were mostly $3 to $8 lower.  The USDA says demand was moderate to good with a light to moderate supply.  Overall quality and numbers were not as good as last week’s offering.  Receipts were down on the week and up on the year.  Feeder supply included 50% steers and 65% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 601 to 648 pounds brought $298 to $308 and feeder steers 711 brought $294.75.  Medium and Large 1 feeder heifers 614 to 638 pounds brought $271.50 to $276.50 and feeder heifers 657 to 676 pounds brought $263 to $265.75. 

Boxed beef closed lower with light demand for solid offerings.  Choice was $.33 lower at $314.48 and Select closed $.14 lower at $301.38.  The Choice/Select spread is $13.10. Estimated cattle slaughter was 123,000 head, even on the week and down about 2,000 on the year.

Lean hog futures ended the day lower on technical weakness.  August lean hogs closed $.25 lower at $91.20 and October lean hogs closed $.05 lower at $74.77. 

Cash hogs closed higher with a solid negotiated run.  Processors had to get more aggressive in their procurement efforts Tuesday afternoon to move needed numbers.  Strong demand for U.S. pork on the global market continues to be the biggest supportive element to this market.  The industry continues to monitor the availability of market-ready hogs and hog weights. Barrows and gilts at the National Daily Direct closed $.61 higher with a base range of $75 to $86 with a weighted average of $84.68; the Iowa/Minnesota closed $1.21 higher with a weighted average of $85.61; the Western Corn Belt closed $1.10 higher with a weighted average of $85.50; the Eastern Corn Belt had no comparison but a weighted average of $77.94.    

Butcher hogs prices with the Midwest cash markets are steady at $55. At Illinois, slaughter sow prices were steady with moderate demand for moderate to heavy offerings at $45 to $57.  Barrows and gilts were steady with moderate demand for moderate offerings at $49 to $59.  Boars ranged from $18 to $28 and $8 to $15.

Pork values closed lower – down $1.18 at $105.60.  Loins, butts, bellies, and hams were lower.  Ribs were higher. Estimated hog slaughter was 481,000 head – even on the week and up a little less than 3,000 on the year.