Market News

Cattle, hog futures sharply lower at midweek

At the Chicago Mercantile Exchange, live and feeder cattle were sharply lower ahead of the week’s direct business with additional pressure from the lower boxed beef. Just live cattle closed $2 lower at $172.85 and August lives closed $1.90 lower at $170.65.  May feeder cattle closed $2.92 lower at $236.52 and August feeder cattle closed $2.50 lower at $247.60.

Direct cash cattle trade activity was quiet Wednesday.  Bids surfaced at $184 to $185 live in the North.  Asking prices were at $186 live in the South, but had not been established in the North.  Significant trade volume will likely hold out until sometime Thursday or Friday. 

At the Interstate Regional Stockyards in Missouri, feeder steers and heifers were steady to $4 higher with the most demand on heifers over 600 pounds.  The USDA says demand was good on a moderate supply.  The feeder offering included a large consignment of backgrounded yearlings weighing 685 to 890 pounds.  There were also several good-quality fall calves offered.  Receipts were up on the week and the year.  Feeder supply included 60% steers and 43% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 557 to 582 pounds brought $286 to $318 and feeder steers 687 pounds brought $266.  Medium and Large 1 feeder heifers 551 to 591 pounds brought $252 to $270 and feeder heifers 602 to 648 pounds brought $245 to $265. 

Boxed beef was lower on light demand for solid offerings.  Choice was $3.86 lower at $298.23 and Select was $3.88 lower at $296.02.  The Choice/Select spread is $2.21. Estimated cattle slaughter was 112,000 head – down 11,000 on the week and down about 13,000 on the year.

Lean hog futures were heavily pressured by fund liquidation and overbought signals.  May lean hogs closed $2.22 lower at $96.55 and June lean hogs closed $3.02 lower at $105.55. 

Cash hogs closed lower with a solid negotiated run.  Processors pulled back on their procurement efforts and were able to move needed numbers without having to get aggressive.  Demand continues to be the bright spot for the hog market.  Demand for US pork on the global market has been strong and domestic demand has been picking up – both are very supportive to prices.  The industry continues to monitor the availability of market-ready hogs and hog weights, which, were up .9 pounds on the week and up 0.6 pounds on the year.  Barrows and gilts at the National Daily Direct closed $3.14 lower with a base range of $80.50 to $94 and a weighted average of $90.63; the Iowa/Minnesota closed $1.62 lower with a weighted average of $91.59; the Western Corn Belt closed $3.28 lower with a weighted average of $90.70.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $55. At Illinois, slaughter sow prices were $1 lower with moderate demand for moderate offerings at $47 to $59.  Barrows and gilts were $3 higher with moderate demand for moderate offerings at $50 to $60.  Boars ranged from $15 to $25 and $8 to $15. 

Pork values closed lower – down $.46 at $100.25. Bellies were sharply lower.  Picnics were weak.  Butts, hams, and loins were higher. Estimated hog slaughter was 489,000 head – down 2,000 on the week and up about 11,500 on the year.

Add Comment

Your email address will not be published.


 

Stay Up to Date

Subscribe for our newsletter today and receive relevant news straight to your inbox!

Brownfield Ag News