Market News

Cattle, hog futures higher to end the week

At the Chicago Mercantile Exchange, live and feeder cattle were up, supported by higher boxed beef during the session. October live cattle closed $.70 higher at $178.60 and December lives closed $.85 higher at $177.55.  October feeder cattle closed $1.07 higher at $237.75 and November feeder cattle closed $.85 higher at $235.25. 

There was some scattered direct cash cattle trade that took place throughout the week.  Southern live deals were reported at $182 to $183, steady to $1 lower than the prior week’s business.  Dressed deals in the North were reported anywhere from $288 to $293, mostly $290 to $292, $2 to $4 below the previous week’s weighted average basis in Nebraska. 

At the Denison Livestock Auction in Iowa, no trend was available.  A load lot of yearling steers along with many smaller packages in the day’s offering were met with good demand.  The USDA says especially for light cattle and big groups.  Receipts were up from the most recent sale but down on the year.  Feeder supply included 50% steers and 45% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 501 to 541 pounds brought $286 to $305 and feeder steers 834 pounds brought $252.  Medium and Large 1 feeder heifers 500 to 546 pounds brought $278.50 to $307 and feeder heifers 721 to 748 pounds brought $241 to $246.75. 

In South Dakota, demand for hay and movement has been slower than normal.  Prices have reflected that. Alfalfa/Orchard Mix, premium, large squares brought $170.  Grass, good, large rounds brought $120.  Prairie/Meadow grass, small squares brought $6.50. 

In Iowa, Alfalfa, premium, large rounds brought $80 to $85.  Medium squares brought $110 and small squares brought $8.50.  Alfalfa, premium, large rounds brought $90.  Alfalfa/grass mix, premium, medium squares brought $250 to $260.  Alfalfa/grass mix, premium, large rounds brought $110.  Large squares brought $150 and small squares brought $6.50. Brome grass, good, small squares brought $5.25. 

Boxed beef closed mixed with moderate and light demand for light offerings.  Choice was $.68 higher at $309.34 and Select closed $.37 lower at $295.82.  The Choice/Select spread is $13.52. Estimated cattle slaughter was 120,000 head – up 7,000 on the week, and down 2,000 on the year.  Saturday’s estimated kill is 14,000 head – up 3,000 on the week and up about 5,000 on the year.

Lean hog futures ended the day higher with pork values higher at midday.  October lean hogs closed $.05 higher at $82.22 and December lean hogs closed $.22 higher at $72.77. 

Cash hogs closed modestly higher with a light negotiated run. Processors weren’t as aggressive in their procurement efforts Friday afternoon ahead of the long holiday weekend.  The hot weather likely didn’t help, either.  The industry continues to monitor the availability of market-ready hogs and hog weights.  As well as demand for U.S. pork on the global market. Barrows and gilts at the National Daily Direct were $.09 higher with a base range of $75 to $78.50 with a weighted average of $76.74; no comparison at the Iowa/Minnesota with a weighted average of $76.98; the Western Corn Belt closed $.20 higher with a weighted average of $76.78.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

According to the USDA’s Weekly Feeder Pig report, early-weaned pigs were $1 per head higher and feeder pigs were $2 per head higher.  Demand was good for moderate offerings.  The weighted average for early-weaned pigs was $32.99 and the weighted average for all feeder pigs was $53.32. 

Butcher hog prices at the Midwest cash markets are steady at $66. At Illinois, slaughter sow prices were $2 lower with moderate demand for moderate offerings at $51 to $63.  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 higher – up $1.34 at $97.23. Bellies and hams were sharply higher.  Picnics and butts were higher.  Loins and ribs were lower. Estimated hog slaughter was 476,000 – down 3,000 on the week and up about 11,500 on the year.  Saturday’s estimated kill is 38,300 down about 56,000 on the week and up about 16,000 on the year.