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Cattle, hogs mixed heading into Friday

At the Chicago Mercantile Exchange, live and feeder cattle ended the day mixed watching direct business develop.  December lives closed $.42 lower at $186.17 and February lives were unchanged at $186.97.  November feeder cattle closed $.25 higher at $245.75 and January feeder cattle closed $.22 lower at $243.12. 

Thursday was a pretty active day for direct cash cattle trade.  Live deals in the South were at $187 to mostly $188, steady to $1 higher than the previous week’s weighted averages.  Dressed business was marked at $296, about steady with the prior week’s weighted average basis in Nebraska.  Some clean-up business could take place before the end of the day Friday. 

At the Huss Livestock Market in Nebraska, there was a nice offering of bawling spring calves and yearling feeders.  Calves under 600 pounds were steady to $10 higher and steer calves over 600 pounds were steady to $2 higher.  Yearling steers over 800 pounds were $2 to $8 higher.  Heifer calves were uneven and yearling heifers over 800 pounds were $3 higher.  The USDA says demand was moderate to good from the buyers in person and online.  Nearly all of the bawling spring calves had received fall vaccinations.  Receipts were up on the week and the year.  Feeder supply included 57% steers and 41% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 550 to 582 pounds brought $295 to $307.50 and feeder steers 600 to 649 pounds brought $277 to $288.  Medium and Large 1 feeder heifers 503 to 543 pounds brought $277 to $295.50 and feeder heifers 602 to 639 pounds brought $250 to $266.50.

Boxed beef closed higher on good demand for solid offerings.  Choice was $.13 higher at $319.26 and Select closed $1.15 higher at $293.52.  The Choice/Select spread is $25.74.  Estimated cattle slaughter was 118,000 head – down 3,000 on the week and down more than 7,000 on the year. 

Lean hog futures ended the day mixed on spread trade, with cash lower and pork values higher during the session.  December lean hogs closed $.02 lower at $77.67 and February lean hogs closed $.45 higher at $81.55. 

Cash hogs closed lower with a very light negotiated run.  Processors aren’t getting aggressive in their procurement efforts and haven’t been moving a lot of hogs.  This is the second consecutive week of lackluster business in the cash hog market. Demand remains critical as supplies of market-ready hogs are ample.  And while global demand has shown strength, domestic demand has been inconsistent. Barrows and gilts at the National Daily Direct closed $1.28 lower with a base range of $69 to $77 and a weighted average of $76.15; the Iowa/Minnesota had no comparison but a weighted average of $75.71; the Western Corn Belt had no comparison but a weighted average of $76.26.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $60. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $56 to $68.  Barrows and gilt were steady with moderate demand for moderate offerings at $45 to $55.  Boars ranged from $20 to $30 and $15 to $25. 

Pork values closed higher – up $1.56 at $96.41. Bellies, butts, hams, and loins were sharply higher.  Picnics were higher.  Ribs were lower. Estimated hog slaughter was 486,000 head – down 1,000 on the week and down about 1,000 on the year.

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