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Cattle, hogs higher to end the week

At the Chicago Mercantile Exchange, live and feeder cattle were higher ahead of the Cattle on Feed report.  The report didn’t have any major surprises.  February live cattle closed $1.85 higher at $188.40 and April lives closed $1.52 higher at $190.12.  January feeder cattle closed $1.12 higher at $255.60 and March feeder cattle close $1.25 higher at $255.92. 

Direct cash cattle trade ended the week quietly.  Deals had a range of $303 to $308 dressed, mostly $305, which was $2 higher than the prior week’s weighted average basis in Nebraska.  Southern live deals were marked at $191, fully steady with the previous week’s weighted averages. 

At the Herreid Livestock Market in South Dakota, an accurate price trend wasn’t available.  There were a quite a few yearlings in the day’s offering, with most selling in load lots.  Flesh varied quite a bit, from moderate to heavy.  Demand was good for both yearlings and calves, all of which sold on an active market.  Receipts were down on the week and the year.  Feeder supply included 40% steers and 78% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 677 pounds brought $282 and feeder steers 803 to 811 pounds brought $257 to $273.50.  Medium and Large 1 feeder heifers 700 to 720 pounds brought $255.50 to $265 and feeder heifers 814 to 839 pounds brought $243 to $263.25.

In Nebraska this week, all hay sales were steady.  Demand was mostly light.  The best demand came from backgrounding and feedlots. In the Central part of the state, Alfalfa, good, large rounds.  Alfalfa/Grass Mix, fair, large rounds.  Prairie/Meadow Grass, premium, small squares, brought $8.  Prairie/Meadow Grass, good/premium, large round, brought $85 to $90.  Prairie/Meadow Grass, large round, brought $60 to $65.  In the East, Alfalfa, Pellets 17% dehydrated, brought $290 to $350.  Pellets 17% sun-cured, brought $250 to $280.  Alfalfa, premium, small squares, brought $8.  Alfalfa, good, large rounds, brought $90.  Alfalfa, fair/good, large rounds, brought $85.  Grass – good/premium, large rounds, brought $90.  In the Platte Valley region, Alfalfa, ground, brought $130.  Pellets 17% dehydrated brought $300 to $325.  Pellets 17% sun-cured, brought $300.  Alfalfa, good, large round brought $85 to $90. In the West, Alfalfa, ground, brought $140.  Alfalfa, supreme, medium squares brought $200.  Alfalfa, premium/supreme, large squares, brought $170 to $175.  Alfalfa, good, large squares brought $120 to $140.

Boxed beef closed mixed and was sharply lower and higher with light and moderate demand for moderate offerings.  Choice was $4.48 lower at $315.85 and Select closed $1.80 higher at $285.91.  The Choice/Select spread was $29.94. Estimated cattle slaughter was 117,000 head – up 2,000 on the week and down more than 1,000 on the year.  Saturday’s estimated kill is 15,000 head – up 10,000 on the week and up about 7,500 on the year. 

Lean hog futures ended the day higher, supported by higher pork values and some position squaring ahead of Monday’s Quarterly Hogs and Pigs report.  February lean hogs closed $2.30 higher at $85.92 and April lean hogs closed $1.90 higher at $90.52. 

Cash hogs closed sharply lower with a very small negotiated run.  Processors haven’t been in a position where they’ve had to get aggressive in their procurement efforts. This could likely be the story for the remainder of the year.  The industry is looking ahead to Monday’s Quarterly Hogs and Pigs report.  The industry also continues to monitor demand, both on the global market and domestically. Barrows and gilts at the National Daily Direct closed $2.50 lower with a base range of $76.50 to $78 and a weighted average of $76.95.  Prices at the Regional Direct Markets were not reported due to confidentiality. 

According to the USDA’s Weekly Feeder Pig Report, early-weaned pigs and feeder pigs were $5 to $6 higher.  Demand was firm for light to moderate offerings.  The weighted average for all early-weaned pigs was $68.92 and the weighted average for all feeder pigs was $88.03.

Butcher hog prices at the Midwest cash markets are steady at $52. Pork values closed higher – up $1.13 at $97.28.  Bellies were more than $13 higher.  Ribs were sharply higher.  Picnics and butts were higher.  Loins and hams were lower and sharply lower.

Estimated hog slaughter was 483,000 head – up 9,000 on the week and up about 55,000 on the year.  Saturday’s estimated kill is 148,000 head – down 2,000 on the week and up about 79,000 on the year.

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