Market News

Direct cash cattle trade ends week with light business

Chicago Mercantile Exchange live and feeder cattle futures were higher, with feeders in the lead on the lower corn, waiting for the week’s direct business. August live was up $.10 at $178.15 and October was $.10 higher at $179.60 August feeders were $.95 higher at $245.60 and September was up $.70 at $248.97.

After a nearly week-long standoff, some light direct cash cattle trade was reported in parts of Nebraska late Friday afternoon at $294, almost $1 lower than last week’s weighted average. The South remained quiet with bids and asking prices separated by $2 to $4. Some sellers decided to hold off until this week to move cattle as they were not willing to take lower money.

At Denison Livestock in Iowa, there were no comparisons due to the lack of a recent sale. USDA says this week there were many load lots of quality cattle and demand was good. It was an active trade with engaged buyers. Feeder supply included 61% steers and 89% of the offering was over 600 pounds. Medium and Large 1 feeder steers 792 pounds brought $264.75 and feeder steers 859 to 888 pounds brought $243 to $259.50. Medium and Large 1 feeder heifers 703 to 747 pounds brought $231 to $244 and feeder heifers 817 to 834 pounds brought $227 to $237.50.

Boxed beef closed steady to lower on Friday. Choice was $.86 lower at $302 and Select was down $2.22 at $277.54. The Choice/Select spread is $24.46.

Estimated cattle slaughter is 110,000 head – down 4,000 on the week and down 12,000 on the year.

Lean hog futures were up, supported by their discount to the cash index, shrugging of the bearish cash and wholesale business during the session. August was $1.17 higher at $103.20 and October was up $1.77 at $85.02.

Cash hogs steady-to-lower with very light closing negotiated numbers for the major direct markets. Buyers generally had the needed near-term numbers in hand after the strong negotiated movement on Wednesday, allowing them to cut back on spending. Wholesale pork was mixed over the course of the week but held up relatively well.

Barrows and gilts at the National Daily Direct were $3.06 lower with a base range of $95 to $108 and weighted average of $100.47. The Iowa/Minnesota was $1.79 lower with a weighted average of $103.44. The Western Corn Belt was $1.73 lower with a weighted average of $103.44. The Eastern Corn Belt was not reported due to confidentiality.

Butcher hogs in Dorchester, Wisconsin are called higher Friday at $69. This week’s Red Oak Livestock Market was reported higher at $65. The Garnavillo, Iowa market was closed. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $35 to $47, barrows and gilts were steady with moderate demand for moderate offerings at $60 to $70, and boars were $15 to $25 and $5 to $10.

Pork values were steady to lower at Friday’s close – down $1.26 at $113.47. Butts were higher. Bellies, hams, ribs, picnics, and loins were all lower.

Estimated hog slaughter is 460,000 head – up 22,000 on the week and year.