Market News

Feedlot cattle trade at higher prices on Friday

Live cattle contracts settled 20 to 77 points higher on the Chicago Mercantile Exchange. Trade was relatively quiet as traders waited for cash cattle news to develop. August was finally able to close above 86.00. August settled at 86.37 up 77 points, October ended at 91.95 up 52. Boxed beef cutout values closed generally steady on fairly good demand and moderate to heavy offerings. Choice boxed beef was down .10 at 136.54; select was .20 lower at 130.71.

Feeder cattle settled 20 to 77 points higher mimicking the slow choppiness of the live pit. Trade volume was limited as traders squared positions ahead of the weekend break. Feeders appeared to ignore the higher corn values. August settled 70 points higher at 104.00, and September was up 65 at 104.72.

 Feeder cattle receipts at Missouri auctions this week totaled 26,822 head. Feeder steers and heifers were steady to 2.00 higher on moderate to good demand, and moderate supply. There were a few more cattle at auctions as the weather has been ideal for the movement of livestock and prices were at least steady with some classes picking up a little steam. Feeder steers medium and large 1 and 1-2 weighing 500 to 600 pounds 94.00 to 123.00, 5 to 6 weight heifers 85.50 to 110.75. 700 to 800 pound steers traded from 93.50 to 109.50, with 7 to 8 weight heifers 85.00 to 99.75 per hundredweight.

The weekly cattle slaughter was estimated at 627,000 head, 1,000 less than last week, and 60,000 fewer than last year. A light to moderate cattle trade developed in the Texas Panhandle and moderate activity was noted in Kansas on moderate demand. Live sales are 2.00 higher than last week at 84.00. Trading was light to moderate in Nebraska at mid afternoon on good demand. Compared to last week live sales were 2.00 to 2.50 higher at 84.00, and early dressed sales were 3.00 higher at 132.00 with several sellers still passing bids.

Hog slaughter for the week was estimated at 1,954,000 head, 3,000 less than last week and down 185,000 from a year ago. Terminal barrows and gilts were fully steady from 34.00 to 44.00 on a live basis. The Missouri direct base carcass meat price closed steady from 52.00 to 54.00. Barrows and gilts in the Iowa/Minnesota direct traded closed .04 lower at 56.83, the West was up .10 at 57.52, and the East was .79 higher at 57.43.  The kill was limited on Friday by two dark plants, and no Saturday kill is expected. Additional plants are expected to be dark on Monday as some packers continue to cut chain speed to protect margins.  Monday’s market is projected to be steady to weak.

Lean hogs settled 15 higher to 55 lower pressured by bear spreading and late week profit taking. August closed 55 points lower at 64.67, and October was up .07 at 60.55. Pork trading was slow with light demand and offerings. The lean carcass cutout was up 1.71 at 69.63.

Pork bellies saw only limited business that involved the August contract which was supported by signs of higher cash belly sales. August ended 175 higher at 63.80.