Market News

Cattle, hog futures lower heading into Friday

At the Chicago Mercantile Exchange, live and feeder cattle futures were mixed with lower cash and sharply lower wholesale business.  

A light round of direct cash cattle business took place on Thursday.  Live deals in the South were at $185, that’s $2 lower than the previous week’s weighted averages. There were also some live deals in Nebraska reported at $185.  Look for some additional business to take place before the end of the day Friday.  

Boxed beef closed lower with light demand for heavy offerings.  Choice was $3.14 lower at $303.80 and Select closed $2 lower at $276.66.  The Choice/Select spread is $27.14.  

At the Mobridge Livestock Exchange, steers 400 to 499 pounds were $10 lower, 500 to 549 pounds were mostly steady, 550 to 599 pounds were $5 to $8 lower.  Heifers 450 to 499 pounds were $4 to $6 lower, heifers 550 to 599 pounds were $8 to $10 lower.  The USDA says demand was good to very good for calves.  Quality varied quite a bit, from plain to attractive.  Receipts were down on the week and the year.  Feeder supply included 70% steers and just 12% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 501 to 531 pounds brought $320 to $346 and feeder steers 554 to 594 pounds brought $303 to $321.  Medium and Large 1 feeder heifers 452 to 496 pounds brought 452 to 496 pounds brought $300 to $322.50 and feeder heifers 553 to 592 pounds brought $270 to $287.  

Lean hog futures ended the day lower, pressured by sharply lower wholesale and cash business.  

Cash hogs closed lower with a fairly light negotiated run.  Demand for U.S. pork on the global market has been relatively strong and that’s helping provide significant price support.  The industry continues to monitor the availability of market-ready hogs as there is concern supplies are tighter than previously expected.  Domestic demand has been inconsistent. Hog weights have declined some from year-ago levels.  Barrows and gilts at the National Daily Direct closed $2.80 lower with a base range of $77 to $89 and weighted average of $86.14; the Iowa/Minnesota closed $1.91 lower with a weighted average of $87.05; the Western Corn Belt closed $2.16 lower with a weighted average of $86.80.  Prices at the Eastern Corn Belt were not reported due to confidentiality.  

Butcher hog prices at the Midwest cash markets are steady at $60.  

Pork values closed sharply lower, down $3.19 at $94.07.  Bellies dropped more than $20. Ribs, hams, and butts were all lower.  Loins were firm and picnics were sharply higher.