Market News

Cattle, hog futures higher to finish the week

At the Chicago Mercantile Exchange, live and feeder cattle were up on the week’s stronger cash business.  June live cattle closed $1.45 higher at $211.10 and August live cattle closed $2.12 higher at $206.77.  August feeder cattle closed $2.45 higher at $296.90 and September feeder cattle closed $2.70 higher at $295.55. 

It was a quiet end to the week for direct cash cattle trade following the light to moderate business that took place Wednesday and Thursday.  Southern live deals were at $214 to mostly $218, $5 to $6 higher than the prior week’s weighted averages.  Dressed business in the North had a wide range, from $340 to $352, mostly $350, $8 higher than the previous week’s weighted average basis in Nebraska. 

At the Winter Livestock Auction in Kansas, steers 350 to 800 pounds were $15 to $20 higher, with spots of $30 higher.  Feeder steers 800 to 1000 pounds were $5 to $8 higher.  Steers more than 1000 pounds were $6 to $10 higher.  Feeder heifers 650 to 975 pounds were $2 to $4 higher with spots of $20 higher on thin-fleshed and fancy heifers.  The USDA says demand was good.  Receipts were down on the week and the year.  Medium and Large 1 feeder steers 756 to 795 pounds brought $291 to $308 and feeder steers 861 to 899 pounds brought $278 to $290.  Medium and Large 1 feeder heifers 600 to 649 pounds brought $293 to $302 and feeder heifers 904 to 934 pounds brought $255 to $264. 

In Missouri this past week, wet weather prevented fieldwork throughout much of the state.  There was some high moisture hay cut and wrapped, but most activity has been limited.  The USDAY says pasture and hay fields look good, but need some sunshine.  Hay prices have been weak, and supply and demand are light to moderate.  Alfalfa, supreme, medium squares brought $250 to $300.  Alfalfa, supreme, small squares, brought $10 to $14.  Alfalfa, premium, medium squares, brought $175 to $225.  Alfalfa, good, large rounds, brought $150 to $175.  Alfalfa, good, small squares, brought $6 to $10.  Alfalfa, fair, large rounds, brought $125 to $150.  Mixed grass, good/premium, large rounds, brought $125 to $200.  Mixed grass, fair/good, large rounds, brought $80 to $125.  Mixed grass, fair/good, small squares, brought $3.50 to $8.  Mixed grass, fair, large rounds, brought $25 to $50.

Boxed beef closed mixed with light to moderate demand for moderate offerings.  Choice was $.23 lower at $342.90 and Select closed $1.07 higher at $325.35.  The Choice/Select spread is $17.55.   

Estimated cattle slaughter was 87,000 head – up 5,000 on the week and down more than 32,000 on the year.  Saturday’s estimated kill is 7,000 head – even on the week and down nearly 16,000 on the year.

Lean hog futures closed higher, supported by sharply higher pork values during the session.  June lean hogs closed $1.17 higher at $99.35 and July lean hogs closed $1.77 higher at $100.70. 

Cash hogs closed lower with a fairly light negotiated run.  Processors likely had most of their needed numbers on hand. Global demand for U.S. pork, outside of China, has been strong.  But, there are concerns about the potential long-term trade disruptions, especially as the tariff conversations continue.  Grilling season is just around the corner and the industry is optimistic that domestic demand could see a boost, but that remains to be seen. Barrows and gilts at the National Daily Direct were $.88 lower with a base range of $89 to $95 and a weighted average of $91.51 and the Western Corn Belt closed $.68 lower with a weighted average of $92.29.  The Eastern Corn Belt had no comparison but a weighted average of $89.99.  Prices at the Iowa/Minnesota were not reported due to confidentiality. 

According to the USDA’s Weekly Feeder Pig report, receipts were up on the week, but down on the year.  The weighted average for all early-weaned pigs was $46.60 and the weighted average for all feeder pigs was $79.29. 

Butcher hog prices at the Midwest cash markets are steady at $66.

Pork values closed higher – up $1.92 at $98.38.  Butts were sharply higher.  Ribs, loins, and picnics were all higher.  Hams and bellies were lower. Estimated hog slaughter was 480,000 head – down 5,000 on the week and up about 20,000 on the year.  Saturday’s estimated kill is 68,000 head – down 89,000 on the week and up about 39,000 on the year.