Market News

Cattle futures up at midweek

At the Chicago Mercantile Exchange, live and feeder cattle were up, waiting on the week’s direct business.  October live cattle closed $.62 higher at $176.95, and December live cattle closed $.80 higher at $177.22.  October feeder cattle closed $2.10 higher at $237.50 and November feeder cattle closed $1.75 higher at $234.02. 

There was a very light round of direct cattle business reported on Wednesday.  Live deals in the South were marked at $180, about $1 lower than the previous week’s weighted averages, but its still not enough business to establish an accurate price trend. Bids were at $178 to $180 live and $292 dressed in the North.  Look for more business to take place before the end of the week.

At the Kingsville Livestock Auction in Missouri, steers were steady to $5 lower, and heifers were weak to $7 lower.  There was a yearling special featured and the quality was attractive, but the degrees of condition varied.  The USDA says demand was moderate.  The market has been trending lower since the summer highs.  Receipts were up from the most recent sale and up on the year.  Feeder supply included 44% steers and 85% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 701 to 749 pounds brought $253.25 to $261.75 and feeder steers 801 to 833 pounds brought $234.50 to $246.10.  Medium and Large 1 feeder heifers 652 to 693 pounds brought $243 to $254.75 and feeder heifers 719 to 748 pounds brought $235 to $243.35. 

Boxed beef closed lower on light demand for solid offerings.  Choice was $.87 lower at $307.36 and Select was $2.63 lower at $294.38.  The Choice/Select spread is $12.98. Estimated cattle slaughter was 124,000 head – down 1,000 on the week and down more than 3,000 on the year.

Lean hog futures ended the day mixed, adjusting spreads and monitoring demand. October lean hogs closed $1.20 higher at $798.74 and December lean hogs closed $1.15 higher at $72.30. 

Cash hogs closed mixed with a moderate negotiated run.  Processors have been moving decent numbers this week, but have been able to do so without having to get too aggressive in their procurement efforts.  Hog weights jumped this week to 284 pounds, which is more than 3 pounds above last week and 5 pounds heavier than last year.  Ensuring there is plentiful pork supplies. The hog market has been finding support from the strong demand for U.S. pork on the global market, but long-term concerns about domestic demand linger.  Barrows and gilts at the National Daily Direct closed $1.09 lower with a base range of $74 to $80 and a weighted average of $77.25; the Iowa/Minnesota closed $.23 higher with a weighted average of $78.73; the Western Corn Belt closed $1.24 lower with a weighted average of $77.29.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $60. At Illinois, slaughter sow prices were steady with moderate demand for heavy offerings at $53 to $65.  Barrows and gilts were steady with moderate demand for moderate offerings at $45 to $55.  Boars ranged from $18 to $28 and $8 to $15.

Pork values closed lower – down $1.89 at $92.91.  Ribs and loins were both sharply lower.  Butts, hams, and picnics were also lower.  Bellies were firm. Estimated hog slaughter was 483,000 head – down 2,000 on the week and up about 6,000 on the year.