Market News

Live cattle mixed ahead of On Feed report

At the Chicago Mercantile Exchange, live cattle were mixed, and feeders were mostly lower ahead of Friday’s On Feed report. The numbers were very close to the industry’s pre-report estimates. June live cattle closed $.17 higher at $183.70, and August live cattle closed $.05 higher at $181.12. August feeder cattle closed $1.22 lower at $260.22, and September feeder cattle closed $.97 lower at $261.75. 

Direct cash cattle trade activity was mostly quiet on Friday following Thursday’s active day.  For the week, Southern live deals were at mostly $187, $1 higher than the previous week’s weighted averages.  Northern dressed business had a full range of $300 to $304, steady to $5 higher than the prior week’s weighted average basis in Nebraska. 

At the Farmers and Ranchers Livestock Auction in Kansas, steers 600 to 800 pounds were mostly $10 higher.  Steers 800 to 950 pounds were $5 to $7 higher.  Heifers 600 to 750 pounds were $5 to $6 higher.  Heifers 750 to 850 pounds were $10 higher.  The UDSA says supply was light to moderate with good demand.  Receipts were down on the week and up on the year.  Feeder supply included 42% steers and 81% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 668 to 698 pounds brought $290 to $302 and feeder steers 853 to 889 pounds brought $247 to $251.  Medium and Large 1 feeder heifers 702 to 734 pounds brought $242 to $255 and feeder heifers 801 to 830 pounds brought $233.50 to $244.60. 

In Nebraska, old-crop hay sold steady on a light test and new-crop hay was too lightly tested for a market trend.  There have been limited reports of baled alfalfa in the eastern side of the state.  Alfalfa, good, large rounds, brought $110.  Prairie/Meadow grass, premium, small squares brought $8.  In the East, Alfalfa, good, medium squares brought $100.  Alfalfa, pellets, 17% dehydrated brought $325.  Pellets, 17% sun-cured brought $280 and $300.  Grass, premium, large rounds, brought $180.  Grass, good, large rounds brought $125.  Grass, good, small squares brought $8.  In the Platte Valley area, Alfalfa, ground, brought $165.  Pellets, 17% dehydrated, brought $350.  In the West, Alfalfa, fair, large squares brought $100.  Alfalfa, ground, brought $150 to $180. 

Boxed beef closed higher with solid demand for moderate offerings.  Choice was $.61 higher at $310.56 and Select closed $1.64 higher at $301.72.  The Choice/Select spread is $8.73. Estimated cattle slaughter was 117,000 head – up 15,000 on the week and down less than 1,000 on the year.  Saturday’s estimated kill is 4,000 head – down 5,000 on the week and down about 4,000 on the year.

Lean hog futures ended the day adjusting spreads, ahead of the Cold Storage report from the USDA. June lean hogs closed $.25 lower at $94.27 and July lean hogs closed $.25 lower at $97.22. 

Cash hogs closed lower with a light negotiated run.  Processors haven’t had to be as aggressive in their procurement efforts this week to move needed numbers.  While demand for US pork on the global market is strong and domestic demand has seen an uptick, production efficiency ensures there is plenty of pork available.  Supplies of market-ready hogs are ample and hog weights are about 4 pounds above year-ago levels. Barrows and gilts at the National Daily Direct were $1.63 lower with a base range of $86 to $88 and a weighted average of $86.64 and the Western Corn Belt closed $2.43 lower with a weighted average of $86.20.  Prices at the Iowa/Minnesota and the Eastern Corn Belt were not reported due to confidentiality. 

According to the Weekly Feeder Pig report, early-weaned pigs were steady, and feeder pigs were $3 lower.  The USDA says demand was steady to weak for moderate offerings. The weighted average for all early-weaned pigs was $41.50 and the weighted average for all feeder pigs was $65.60. 

Midwest butcher hog markets are closed today.

Pork values closed higher – up $.45 at $99.14.  Butts, hams, and picnics were higher.  Bellies, ribs, and loins were lower. Estimated hog slaughter was 451,000 head – down 17,000 on the week and up about 1,000 on the year.  Saturday’s estimated kill is 10,000 head – down 26,000 on the week and down more than 7,500 on the year. 

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