Market News

Live and feeder cattle futures close lower, lean hog futures higher

At the Chicago Mercantile Exchange, live and feeder cattle futures were lower, waiting for the rest of the week’s direct business after light trade Thursday. Also, boxed beef is showing signs of softening, when compared to the recent strength. August live was down $.12 at $223.55 and October was $.50 lower at $219.82. August feeders were $1.00 lower at $324.00 and September was down $1.22 at $324.20.

Cash cattle country had a handful of sales develop Friday in parts of Texas at $230 on a live basis, steady with Thursday’s business. A few bids were renewed in parts of Nebraska at $240 live and $380 dressed. Asking prices have been around $232-plus in the South and $382-plus in the North.

At the Mid Missouri Stockyards Cattle Auction in Phillipsburg, compared to last week, steers sold mostly $5 to $14 higher with spots up to $20 higher. The best test of 450 to 600 pound heifers sold $20 higher, and heavier weights sold with a firm undertone. Slaughter cows sold unevenly from $2 higher to $3 lower, and slaughter bulls were steady to $3 higher. The USDA says demand was very good for the high quality, weaned calves and yearlings and good for cow classes on a moderate to light supply. Supply included 52 percent steers with 38 percent of the offering over 600 pounds. Medium and large 1 feeder steers 650 to 674 pounds brought $373 to $395 with an average price of $386.87. Medium and large 1 feeder heifers 605 to 627 pounds sold $338 to $361 with an average price of $353.30.

Boxed beef closed mixed. Choice was $.27 higher at $373.55, and Select was $2.35 lower at $351.49. The Choice/Select spread was $22.06.

Estimated cattle slaughter was 101,000 head – unchanged on the week and nearly steady on the year.

Lean hog futures were up modestly on the week’s firm to higher trend in wholesale pork, reflecting at least some improvement in domestic demand. August was up $.65 at $106.47 and October was $.02 higher at $90.62.

Cash hogs closed lower.  Demand is still the critical driver to watch. Domestic pork consumption has held up reasonably well through peak grilling season, especially for bellies and ribs, but there are early signs that momentum could slow as seasonal shifts approach. On the export front, demand remains mixed—China’s interest has been sporadic amid elevated domestic inventories, while shipments to Mexico, though generally stable, have not shown significant growth.

Barrows and gilts at the National Daily Direct closed $5.15 sharply lower with a base range of $98 to $112 with a weighted average price of $105.55; at Iowa/Minnesota did not report, the Western Corn Belt was $4.82 lower with a weighted average price of $106.14

Butcher hogs were steady to lower at the Midwest cash markets in Dorchester, Wisconsin and Garnavillo, Iowa. Barrows and gilts were steady at $84; sows were $3 to $4 lower at $69 to $84; boars were marked at $26.

Illinois direct barrows and gilts were steady at $65 to $75; sows were steady at $62 to $74; boars had a range of $18 to $35.

Pork values closed $1.47 higher at $117.79 with all primal cuts higher.