Market News

Cattle futures mostly lower ahead of the week’s business

At the Chicago Mercantile Exchange, live and feeder cattle were mixed, mostly lower ahead of the week’s direct business.  August live cattle closed $.17 higher at $209.55 and October live cattle closed $.15 lower at $206.95. August feeder cattle closed $.55 lower at $302.25 and September feeder cattle closed $.17 lower at $302.45. 

Direct cash cattle trade activity was quiet, typical for a Tuesday.  Bids were elusive.  Asking prices were reported in the South at $228 to $230 live, but still weren’t established in the North.  Significant trade volume isn’t expected until the back half of the week.

At the Tri-State Livestock Auction in Nebraska, compared to two weeks ago, steers 850 to 900 pounds were $5 higher.  The USDA says demand was good for all offerings.  Receipts were down from the most recent sale but up on the year.  Feeder supply included 73 percent steers and 95 percent of the offering weighed more than 600 pounds.  Medium and Large 1 feeder steers 653 pounds brought $364 and feeder steers 873 pounds brought $314.  Medium and Large 1 feeder heifers 637 pounds brought $328 and feeder heifers 766 to 779 pounds brought $297 to $297.50. 

Boxed beef closed mixed with mixed demand for light offerings.  Choice was $4.03 higher at $394.25 and Select closed $.69 lower at $382.41.  The Choice/Select spread is $11.84. Estimated cattle slaughter was 118,000 head – even on the week and down nearly 4,000 on the year.

Lean hog futures closed lower on profit-taking and the weak midday pork. July lean hogs closed $1.22 lower at $112.22 and August lean hogs closed $2.10 lower at $110.95. 

Cash hogs closed higher with a moderate negotiated run. Processors were a little more aggressive in their procurement efforts Tuesday.  The USDA’s Quarterly Hogs and Pigs report is out Thursday, and it will provide information and insight into the overall size of the hog herd and available supplies of market-ready hogs.  Demand continues to be a bright spot for the industry, both on the global market and domestically.  That is helping provide price support.   On the global market, China remains a wildcard. Barrows and gilts at the National Daily Direct closed $2.14 higher with a base range of $103 to $115 and a weighted average of $111.49; the Iowa/Minnesota had no comparison but a weighted average of $111.81; the Western Corn Belt closed $1.58 higher with a weighted average of $111.49.  Prices at the Eastern Corn Belt were not reported due to confidentiality.

Butcher hog prices at the Midwest cash markets were $5 higher at $79.

Pork values closed lower, down $1.55 at $121.56.  Hams and butts were sharply lower.  Bellies and loins were lower.  Picnics were higher and ribs were sharply higher. Estimated hog slaughter was 477,000 head – down 3,000 on the week and about even on the year.