Market News

Cattle futures waiting on direct business

At the Chicago Mercantile Exchange, live cattle were mostly higher, and feeders were up, waiting for the week’s direct cash business to develop. October live cattle closed $.15 lower at $183.05, and December live cattle closed $.07 lower at $184.32. October feeder cattle closed $.22 higher at $246.02, and November feeder cattle closed $.65 higher at $244.05. 

Direct cash cattle trade activity has been slow to develop.  Bids were elusive again Wednesday.  Asking prices surfaced at $185 live in the South, but still haven’t been floated in the North.  Look for significant trade volume to hold out until sometime Thursday or Friday.

At the Ozarks Regional Stockyards in Missouri, feeder steers and heifers sold $2 to $4 higher.  Steer and heifer calves were $6 to $12 higher with spots of $16 higher.  The USDA says demand was very good on a moderate supply.  The market was very active with the best demand that has been seen in recent weeks.  Quality was above average, with several larger drafts of long-time weaned and vaccinated calves.  Receipts were up on the week, but down on the year.  Feeder supply included 56% steers and 54% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 706 to 748 pounds brought $245 to $251 and feeder steers 870 to 885 pounds brought $234.75 to $239.  Medium and Large 1 feeder heifers 650 to 692 pounds brought $234 to $240 and feeder heifers 707 to 737 pounds brought $235 to $236.75. 

Boxed beef closed sharply lower on light demand for heavy offerings. Choice was $3.72 lower at $298.17 and Select closed $3.59 lower at $283.28.  The Choice/Select spread is $14.89.  Estimated cattle slaughter was 120,000 head – down 5,000 on the week and down more than 6,000 on the year.

Lean hog futures ended the day mostly lower waiting for Thursday’s Quarterly Hogs and Pigs and Cold Storage reports from the USDA. October lean hogs closed $.35 higher at $82.47 and December lean hogs closed $.07 lower at $74.90. 

Cash hogs closed mostly higher with a solid negotiated run.  Processors for the most part were more aggressive in their procurement efforts and were bidding up to move needed numbers.  The industry is looking ahead to the Export Sales report for insight on global demand and the USDA’s Quarterly Hogs and Pigs report to see inventory and supplies. Hog weights have declined slightly, but are still well above year-ago levels. Barrows and gilts at the National Daily Direct closed $.50 higher with a base range of $72 to $80 and a weighted average of $77.04; the Iowa/Minnesota closed $1.55 higher with a weighted average of $77.96; the Western Corn Belt closed $1.16 higher with a weighted average of $77.54; the Eastern Corn Belt closed $1.57 lower with a weighted average of $76.22.

Butcher hog prices at the Midwest cash markets are steady at $60. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $55 to $67.  Barrows and gilts were steady with moderate demand for moderate offerings at $45 to $55.  Boars ranged from $20 to $30 and $15 to $25.

Pork values closed firm – up $.14 at $94.10.  Picnics, butts, ribs, and bellies were all higher.  Loins and hams were lower. Estimated hog slaughter was 486,000 head – up 7,000 on the week and down more than 2,000 on the year.

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