Market News

Cattle futures mostly lower ahead of On Feed reaport

At the Chicago Mercantile Exchange, live and feeder cattle were mostly lower waiting for direct business to develop and Friday’s On Feed numbers. August lives closed $.45 higher at $182.55 and October lives closed $.05 lower at $183.82.  August feeders closed $.12 lower at $259.82 and September feeders closed $.05 higher at $261.17. 

Direct cash cattle trade has been very slow to develop again this week.  Bids finally surfaced at $197 live in Nebraska. Asking prices were around $189 live in the South, but still haven’t been established in the North.  Significant trade volume could hold out until sometime Friday, especially with the Cattle on Feed numbers out in the afternoon.

At the Winter Livestock Auction in Kansas, no recent comparison for steers under 850 pounds, steers over 850 pounds were steady to sharply higher.  Heifers under 700 pounds had no recent comparison and heifer over 700 pounds were steady to $5 higher.  The USDA says demand was moderate to good and the best demand was on an oversized load of 707-pound heifers.  Supply was light to moderate.  Receipts were up on the week and the year.  Feeder supply included 61% steers and 93% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 812 to 841 pounds brought $261.50 to $276 and feeder steers 912 to 929 pounds brought $253.50 to $257.50.   Medium and Large 1 feeder heifers 707 pounds brought $271 and feeder heifers 766 to 798 pounds brought $232 to $247.50.

Boxed beef closed higher with good demand for moderate offerings.  Choice was $2.17 higher at $322.87 and Select closed $1.14 higher at $304.40.  The Choice/Select spread is $18.47. Estimated cattle slaughter was 121,000 head – down 1,000 on the week and down about 6,000 on the year.

Lean hog futures ended the day lower on profit-taking and long-term demand uncertainties. July lean hogs closed $2.62 lower at $91.15 and August lean hogs closed $2.45 lower at $89.12. 

Cash hogs closed mixed with a moderate negotiated run. Processors started the day aggressive in their procurement efforts and then pulled back in some areas in the afternoon.  Demand for US pork on the global market has remained a bright spot.  But the industry continues to monitor the availability of market-ready hogs and hog weights.  Which did drop back again this week, but are still running nearly 9 pounds above year-ago levels.  This likely means there is plenty of pork available. Barrows and gilts at the National Daily Direct closed $.30 higher with a base range of $85 to $90 and a weighted average of $87.21 and the Western Corn Belt closed $.86 lower with a weighted average of $86.74; the Eastern Corn Belt closed $1.80 higher with a weighted average of $87.85.  Prices at the Iowa/Minnesota were not reported at midday due to confidentiality.

Butcher hog prices at the Midwest cash markets are steady at $66. At Illinois, slaughter sow prices were $2 higher with moderate demand for heavy offerings at $59 to $71.  Barrows and gilts were steady with moderate demand for moderate offerings at $52 to $62.  Boars ranged from $18 to $28 and $8 to $15. 

Pork values closed modestly higher – up $.18 at $97.74. Bellies were more than $10 higher and ribs were also sharply higher.  Hams, butts, picnics, and loins were all lower. Estimated hog slaughter was 480,000 head – up 10,000 on the week and up about 19,000 on the year. 

Add Comment

Your email address will not be published.


 

Stay Up to Date

Subscribe for our newsletter today and receive relevant news straight to your inbox!