Market News

Lean hogs close sharply lower

Chicago Mercantile Exchange live and feeder cattle futures ended the session mostly lower, waiting for bids and asking prices to surface at the major direct markets. August live was down $.42 at $178.45 and October was $.10 lower at $180.80. August feeders were $.17 lower at $256.02 and September was down $.27 at $257.60.

Cash cattle country was quiet on Tuesday with bids and asking prices still not established. Any significant trade volume is likely to be delayed until Thursday or Friday.

At the Tri-State Livestock Auction in Nebraska, there were no comparisons to the most recent sale, but USDA says demand was good on all offerings. Receipts were up sharply on the week but down slightly from year-ago levels. Feeder supply included 62% steers and 97% of the offering was over 600 pounds. Medium and Large 1 feeder steers 806 to 838 pounds brought $257.50 to $267.75. Medium and Large 1 feeder heifers 781 to 799 pounds sold for $243.50 to $246.50.

Boxed beef cutout values closed higher with Choice up $1.28 at $316.88 and Select up $.77 at $304.47. The Choice/Select spread was $12.41.

Estimated cattle slaughter was 123,000 head – unchanged on the week and down 2,000 on the year.

Lean hog futures were sharply lower due to technical weakness and questions about sustained domestic demand. July lean was down $2.35 at $93.92 and August was $2.07 lower at $93.55.

Cash hogs were mixed with moderate closing negotiated numbers at the major direct markets. Buyers at those major direct markets were able to move some decent numbers without having to raise bids. That’s either a sign of adequate ready supplies or reflects the influence of concerns about sustained domestic demand from both sellers and buyers.

Barrows and gilts at the National Daily Direct were down $.57 with a base range of $85 to $90 and weighted average of $88.78. The Iowa/Minnesota was down $1.91 with a weighted average of $88.37. The Western Corn Belt was down $.64 with a weighted average of $88.71.

Butcher hogs at the Midwest cash markets are called steady at $55…At Illinois, slaughter sows were $2 higher at $41 to $53; boars remain at $18 to $28 and $8 to $15.

Pork values closed lower – down $.67 at $100.76. Loins, picnics, ribs, and hams were higher. Bellies and butts were lower.

Estimated hog slaughter was 481,000 head – up 6,000 on the week and up more than 11,000 on the year.

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