Market News

Live cattle, hogs mixed to start the week

At the Chicago Mercantile Exchange, live cattle were mixed ahead of the week’s direct business.  Feeders were pressured by the higher move in corn.  June live cattle closed $.42 higher at $181.47 and August lives closed $.50 lower at $178.55.  August feeders closed $1.37 lower at $258.47 and September feeders closed $1.20 lower at $259.65. 

It was a typically quiet Monday for direct cash cattle trade activity.  Showlists this week are mixed – higher in Kansas, somewhat lower in Nebraska, and lower in Texas.  Bids and asking prices didn’t surface.  Significant trade volume could hold out until sometime midweek or later.

At mid-session at the Oklahoma National Stockyards, feeder steers were $3 to $6 higher.  Feeder heifers were $4 to $8 higher.  Steers, light 7-weights and heifers light 8-weights were up to $12 higher. The USDA says demand was good and quality was average.  Receipts were down on the week and the year.  Feeder supply included 59% steers and 76% of the offering as over 600 pounds.  Medium and Large 1 feeder steers 700 to 737 pounds brought $255 to $279 and feeder steers 852 to 891 pounds brought $230 to $243.  Medium and Large 1 feeder heifers 651 to 693 pounds brought $237 to $256 and feeder heifers 767 to 795 pounds brought $223 to $240. 

Boxed beef ended the day mixed with light to moderate demand for moderate offerings.  Choice closed $.75 lower at $312.70 and Select closed $1.95 higher at $299.35.  The Choice/Select spread is $13.35. Estimated cattle slaughter was 120,000 head – up 4,000 on the week and down a little more than 5,000 on the year. 

Lean hog futures ended the day mixed on spread trade and the higher midday move in pork.  June lean hogs closed $.42 higher at $96.92 and July lean hogs closed $.10 lower at $99.95. 

Cash hogs closed sharply lower with a light negotiated run.  Processors didn’t have much motivation to bid up and move needed numbers Monday.  Prices were reflective of that.  Overall, demand for U.S. pork on the global market remains strong and domestic demand is seeing a boost with summer grilling season just around the corner.  The industry continues to monitor the availability of market-ready hogs and hog weights.

Barrows and gilts at the National Daily Direct closed $2.14 lower with a base range of $84 to $90 and a weighted average of $86.43; the Iowa/Minnesota closed $3.59 lower with a weighted average of $85.82; the Western Corn Belt closed $2.93 lower with a weighted average of $85.79.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $50. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $35 to $47.  Barrows and gilts were steady with moderate demand for moderate offerings at $51 to $61.  Boars ranged from $18 to $28 and $8 to $15.

Pork values closed higher – up $.92 at $101.77. Ribs were sharply higher.  Loins, bellies, and picnics were higher.  Butts and hams were lower. Estimated hog slaughter was 482,000 head – up 19,000 on the week and up a little less than 10,000 on the year. 

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