Market News

Live cattle mixed to finish the week

At the Chicago Mercantile Exchange, live cattle were mostly lower, feeders were down watching and waiting on direct trade and those On Feed numbers from the USDA.  October live cattle closed $.27 higher at $215.92 and December live cattle closed $.37 higher at $216.62.  October feeder cattle closed $.87 lower at $323.50 and November feeder cattle closed $.65 lower at $318. 

It was a pretty quiet Friday for direct cash cattle trade activity, at least headed into the end of the day.  Business largely looked waiting until after the Cattle on Feed report was released.  What trade was reported was in the North at $350 dressed, steady with the previous week’s business.

At the Mid-Missouri Stockyards, the best test was on steers weighing 500 to 750 pounds, which were $8 to $23 higher.  Heifers sold $5 to $15 higher.  The USDA says it was a better run of high-quality calves and yearlings.  Demand was good on a moderate supply.  Receipts were up on the week and the year.  Feeder supply include 51 percent steers with 60 percent of the offering weighing more than 600 pounds.  Medium and Large 1 feeder steers 652 to 656 pounds brought $377.50 to $382.50 and feeder steers 800 to 827 pounds brought $336 to $342.  Medium and Large 1 feeder heifers 692 to 697 pounds brought $336 to $342 and feeder heifers 800 pounds brought $338. 

In Missouri, hay supplies are moderate to heavy, and hay listed for sale is ample, especially for fair to good quality grass types hay.  Both demand and movement have been light to moderate.  Prices are firm.  Alfalfa, supreme, medium squares. Brought $275 to $350.  Alfalfa, supreme, small squares, brought $10 to $15.  Alfalfa, premium, medium squares, brought $200 to $275.  Alfalfa, good, large rounds, brought $150 to $200.  Alflafa, good, small squares, brought $6 to $10.  Alfalfa, fair, large rounds, brought $125 to $150.  Mixed grass, premium, medium squares, brought $150 to $200.  Mixed grass, good/premium, large rounds, brought $100 to $150.  Mixed grass, fair/good, large rounds, brought $75 to $125.   

Boxed beef closed mixed, with light and moderate demand for relatively light offerings.  Choice was $.21 lower at $371.94 and Select was $1.38 higher at $353.26.  The Choice/Select spread is $18.68. Estimated cattle slaughter was 101,000 head, down 5,000 on the week and up about 10,000 on the year.  Saturday’s estimated kill is 8,000 head, up about 3,000 on the year. 

Lean hog futures closed lower on technical selling and ongoing demand uncertainties.  October lean hogs closed $.80 lower at $78.10 and December lean hogs closed $1.05 lower at $68.55. 

Cash hogs had no comparison with a very light negotiated run.  The cash hog has struggled to find momentum. Processors likely had needed numbers on hand and weren’t forced to ramp up their procurement efforts. The industry has been largely focused on demand.  There have been some opportunities in both global and domestic markets, but there are lingering long-term concerns about strength.  The trade is also watching the availability of market-ready hogs and hog weights. Barrows and gilts at the National Daily Direct had a base range of $80 to $82 and a weighted average of $81.76.  Prices at the Regional Directs were not reported due to confidentiality. 

According to the USDA’s Weekly Feeder Pig report, early-weaned pigs and feeder pigs were $8 lower.  Trade was moderate, with light to moderate demand for moderate to heavy offerings.  The weighted average for early-waned pigs was $32.82 and the weighted average for all feeder pigs was $47.65. 

Butcher hog prices at the Midwest cash markets are steady at $60. At Illinois, slaughter sows were steady with moderate demand for light to moderate offerings at $43 to $55.  Barrows and gilts were steady with moderate demand for moderate offerings at $55 to $65.  Boars ranged from $22 to $32 and $10 to $13. 

Pork values closed lower, down $.56 at $86.98.  Butts, hams, picnics, and loins were lower.  Bellies and ribs were up.Estimated hog slaughter was 483,000 head, down 3,000 on the week and up about 1,000 on the year.  Saturday’s estimated kill is 80,000 head, down more than 89,000 on the year.