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Hog futures supported by higher cash business

At the Chicago Mercantile Exchange, live cattle were mostly lower, and feeders were higher ahead of the week’s direct cash business.  Feeders did find support from the mostly lower move in corn. February live cattle were unchanged at $197.40 and April lives were $.05 lower at $198.15.  March feeder cattle closed $.30 higher at $268.20 and April feeder cattle closed $.22 higher at $268.55. 

Direct cash cattle trade activity was quiet again Tuesday.  Bids and asking prices didn’t surface.  If business follows the trend of recent weeks, inquiries will start to pick up during the day Wednesday before significant trade develops sometime on Thursday or Friday.

At the Callaway Livestock Center in Missouri, steer calves under 450 pounds sold with a higher undertone, 450 to 750 pound steers were mostly $10 to $20 higher with spots of $25 higher, yearlings over 750 pounds all traded with a higher undertone. Feeder heifers 400 to 600 pounds were mostly $15 to $30 higher with heifers 600 to 650 pounds $8 to $15 higher and heifers over 650 pounds selling with a higher undertone.  The USDA says the heavy offering of feeders was met with a very active market and very aggressive buyers.  Quality overall was very attractive on calves and yearlings.  Receipts were up from the most recent sale but down on the year.  Feeder supply included 63% steers and 56% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 553 to 597 pounds brought $330 to $360 and feeder steers 929 to 944 pounds brought $258 to $260.25.  Medium and Large 1 feeder heifers 557 to 584 pounds brought $307 to $339 and feeder heifers 600 to 641 pounds brought $285 to $305.50. 

Boxed beef closed mixed with light to moderate demand for solid offerings.  Choice was $.37 lower at $332.98 and Select closed $1.14 higher at $318.71.  The Choice/Select spread is $14.27. Estimated cattle slaughter was 125,000 head – down 1,000 on the week and up about 17,000 on the year.

Lean hog futures ended the day higher with cash and wholesale support.  February lean hogs closed $.45 higher at $83.62 and April lean hogs closed $1.20 higher at $90.50. 

Cash hogs closed higher with a solid negotiated run.  Processors were more aggressive in their procurement efforts on Tuesday and bid up to move needed numbers.  Demand for U.S. pork on the global market has been strong, helping provide some price support.  The USDA has a decent outlook for pork prices during much of 2025, but strong demand will be needed for that to happen.  The industry also continues to monitor the availability of market-ready hogs and hog weights. Barrows and gilts at the National Daily Direct were up $1.00 with a base range of $73 to $81 and a weighted average of $80.14; the Iowa/Minnesota closed $1.05 higher with a weighted average of $80.25; the Western Corn Belt closed $.94 higher with a weighted average of $80.14.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are $3 higher at $58. At Illinois, slaughter sow prices were $2 higher with moderate demand for moderate offerings at $37 to $40.  Barrows and gilts were steady with moderate demand for moderate offerings at $46 to $56.  Boars ranged from $20 to $30 and $15 to $25.

Pork values closed about steady – up $.01 at $90.21.  Loins were higher while the rest of the primals were about steady to lower. Estimated hog slaughter was 477,000 head – down 10,000 on the week and up less than 28,000 on the year.

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