Market News

Cattle, hog futures lower to start the week

At the Chicago Mercantile Exchange, live and feeder cattle were lower on technical selling.  The market also continues to monitor the movement and confirmations of New World screwworm.  August live cattle closed $4.92 lower at $236.72 and October live cattle closed $4.77 lower at $229.35.  August feeder cattle closed $3.20 lower at $350.70 and September feeder cattle closed $3.37 lower at $347.45. 

Direct cash cattle trade had a quiet start to the week.  Showlists are mixed, higher in Kansas, somewhat lower in Texas, and lower in Nebraska/Colorado.  Bids and asking prices didn’t surface Monday.  Significant trade volume is likely going to hold out until later in the week. 

At the Joplin Regional Stockyards in Missouri, feeder steers were steady to $10 higher.  Feeder heifers were $5 to $18 higher.  The USDA says supply was heavy with very good demand.  Receipts are down on the week, but up on the year.  Feeder supply included 63 percent steers with 69 percent of the offering weighing more than 600 pounds.  Medium and Large 1 feeder steers 600 to 648 pounds brought $415 to $460 and feeder steers 853 to 889 pounds brought $337 to $355.  Medium and Large 1 feeder heifers 607 to 649 pounds brought $372.50 to $415 and feeder heifers 707 to 741 pounds brought $349 to $377. 

Boxed beef closed lower and sharply lower with light demand for solid offerings.  Choice was $.38 lower at $392.32 and Select was $4.48 lower at $378.21.  The Choice/Select spread is $14.11. Estimated cattle slaughter was 102,000 head, down 2,000 on the week and down more than 9,000 on the year. 

Lean hog futures were lower with pork values lower during the session. July lean hogs closed $1.42 lower at $97.37 and August lean hogs closed $1.07 lower at $96.15. 

Cash hogs closed higher with a fairly light negotiated run. Processors were more aggressive in their procurement efforts to start the week.  There have been some bright spots when it comes to global demand for US pork, but there are still lingering concerns about its long-termstrength.  Domestic demand could see a boost as summer grilling season is in full swing and pork is a very competitively priced protein option in the retail space.  The industry continues to monitor the availability of market-ready hogs and hog weights. Barrows and gilts at the National Daily Direct were $2.26 higher with a base range of $87 to $98.50 and a weighted average of $96.11; the Iowa/Minnesota was $.99 higher with a weighted average of $96.18; the Western Corn Belt closed $.61 higher with a weighted average of $96.11.  Prices at the Eastern Corn Belt were not reported due to confidentiality.  

Butcher hog prices at the Midwest cash markets are lower, down $2 to $62. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $47 to $59.  Barrows and gilts were steady with moderate demand for moderate offerings at $49 to $59.  Boars ranged from $25 to $30 and $15 to $20. 

Pork values were sharply lower, down $2.72 at $98.46.  Butts were down more than $13, picnics and loins were both sharply lower.  Hams, ribs, and bellies were higher. Estimated hog slaughter was 470,000 head, down 1,000 on the week and down nearly 7,000 on the year.