Market News

Light cash cattle trade Tuesday

Chicago Mercantile Exchange live and feeder cattle were sharply lower on the drop in the Dow Jones Industrial and the lower midday boxed beef, while waiting for the week’s direct business. December live cattle were down $2.70 at $185.65 and February was $2.87 lower at $190.30 November feeder were $5.35 lower at $250.35 and January was down $5.07 at $254.27.

In direct cash cattle trade, a light live trade was reported in parts of the South at $182, $1 lower than last week’s weighted averages. Some very light live business was also reported in areas of western Nebraska at $183, also $1 lower than last week.

At the Callaway Livestock Center in Missouri, a light offering of 4 weight steers sold steady with a much lighter offering this week of 500 to 600 pound steers selling steady to $5 lower compared to the most recent sale. USDA says steers over 650 pounds were not well tested but several pot loads of top quality yearlings weighing 787 to 903 pounds sold with a firm undertone. Feeder supply included 51% steers and 52% of the offering was over 600 pounds. Medium and Large 1 feeder steers 704 to 746 pounds brought $265 to $265.50 and feeder steers 906 pounds sold for $247.10. Medium and Large 1 feeder heifers 572 to 588 pounds brought $276 to $280.50 and feeder heifers 803 pounds sold for $240.50.

Boxed beef closed lower on Tuesday. Choice was down $3.01 at $300.07 and Select was $1.39 lower at $275.59. The Choice/Select spread is $24.48.

Estimated cattle slaughter is 128,000 head – even on the week and down 2,000 on the year.

Lean hog futures were pressured by the steady to lower cash during the session and questions about sustained pork demand. December was down $.42 at $69.07 and February was $1.20 lower at $72.72.

Cash hogs were steady to lower with a moderate negotiated run at the major direct markets. It has been an extremely lightly traded first couple of days this week with no real motivation on the part of buyers to increase bids. Near-term ready numbers are ample and the recent trend in the wholesale market has been limiting packer demand. Sustained domestic pork demand continues to be a question mark for the industry.

Barrows and gilts at the National Daily Direct were down $3.18 with a base range of $67 to $74 and weighted average price of $71.24. The Iowa/Minnesota has a weighted average of $71.85; the Western Corn Belt has a weighted average of $71.43; the Eastern Corn Belt has a weighted average of $69.53.

Butcher hog prices at the Midwest cash markets are steady at $55. At Illinois, slaughter sow prices were $1 lower with moderate demand for moderate offerings at $21 to $32; barrows and gilts were steady with moderate demand for moderate offerings at $39 to $49; boars were $20 to $25 and $5 to $10.

Pork values closed $1.43 lower at $94.61.

Estimated hog slaughter is 487,000 head – even on the week and up 2,000 on the year.