Market News

Cattle futures mostly higher following Monday’s losses

At the Chicago Mercantile Exchange, live cattle were mostly higher, and feeders were higher ahead of widespread direct business. June live cattle closed $1.05 higher at $176.37 and August live cattle closed $1.02 higher at $173.12.  May feeder cattle closed $2.17 higher at $244.85 and August feeder cattle closed $3.00 higher at $254.65. 

Direct cash cattle trade activity remained quiet Tuesday.  Bids didn’t surface.  Asking prices were around $188-plus live in the South, while nothing was established in the North.  It’s likely significant trade volume will be delayed until the back half of the week.

At the Joplin Regional Stockyards in Missouri, feeder steers under 525 were $10 to $30 higher with heavier weights $2 to $10 higher.  Feeder heifers varied, from $6 lower to $10 higher.  Steer calf markets was impressive Monday with 11 head, weighing 517 pounds bringing $375.  The USDA says supply was moderate on good demand.  Receipts were down on the week and the year.   Feeder supply included 59% steers and 53% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 650 to 691 pounds brought $275 to $302.50 and feeder steers 801 to 817 pounds brought $235 to $259.75.  Medium and Large 1 feeder heifers 504 to 546 pounds brought $270 to $305 and feeder heifers 700 to 747 pounds brought $225 to $241. 

Boxed beef closed lower with light demand for moderate offerings.  Choice was $1.58 lower at $304.16 and Select was $2.80 lower at $298.99.  The Choice/Select spread is $5.17. Estimated cattle slaughter was 120,000 head – down 5,000 on the week and down nearly 5,000 on the year.

Lean hog futures closed mixed, consolidating following Monday’s gains. May lean hogs closed $.07 lower at $93.67 and June lean hogs closed $.22 higher at $103.72. 

Cash hogs closed sharply higher with a solid negotiated run.  Demand for US pork has been strong on the global market and that has been supportive to prices and domestic demand has seen some strength recently.  Processors picked up their procurement efforts Tuesday, got aggressive and bid up to move needed numbers. The industry continues to monitor the availability of market-ready hogs, hog weights, and the inconsistent movement in pork values. Barrows and gilts at the National Daily Direct closed $4.55 higher with a base range of $75 to $86 and a weighted average of $84.71; the Iowa/Minnesota closed $4.32 higher with a weighted average of $84.50; the Western Corn Belt closed $4.53 higher with a weighted average of $84.71.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at midday at $55. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $50 to $62.  Barrows and gilts were steady with moderate demand for moderate offerings at $43 to $53.  Boars ranged from $15 to $25 and $8 to $15. 

Pork values closed higher – up $.52 at $97.13. Ribs were sharply higher. Loins, hams, and bellies were higher.  Picnics and butts were lower. Estimated hog slaughter was 489,000 head – up 6,000 on the week and up nearly 5,000 on the year.

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