Market News

Sluggish day for direct cash cattle trade

Chicago Mercantile Exchange live cattle futures were up and feeders were down, waiting for this week’s direct business. Feeders had some additional pressure from the higher move in corn. December live was up $.37 at $185.17 and February was $.32 higher at $186.17. November feeders were down $.22 at $244.67 and January was $.32 lower at $238.45.

It was a quiet day Tuesday in cash cattle country with bids and asking prices not established for the week. Significant trade volume is likely to be delayed until Thursday or Friday.

At the Callaway Livestock Center in Missouri on Monday, feeder steers 400 to 500 pounds sold steady to $10 higher compared to the most recent sale. Feeder heifers 400 to 600 pounds were steady to firm with heavier weights not tested. USDA says demand was good on a moderate offering. USDA says the feeder supply included 63% steers and 36% of the offering was over 600 pounds. Medium and Large 1 feeder steers 555 to 585 pounds brought $284 to $302.50. Medium and Large 1 feeder heifers 566 to 599 pounds sold for $262.25 to $268.

Boxed beef closed higher with Choice up $2.09 at $300.17 and Select up $.77 at $285.30. The Choice/Select spread was $14.87.

Estimated cattle slaughter was 124,000 head – down 1,000 on the week and even on the year.

Lean hog futures were supported by the cash and wholesale business during the session. December was up $1.32 at $74.60 and February was $1.20 higher at $78.57.

Cash hogs were steady to higher with solid closed negotiated numbers at the major direct markets. Buyers have started off the week relatively aggressive, bidding up to get the needed near-term supplies to keep chain speed at an acceptable level. Global demand is solid and the recent wholesale trend is a positive, but sustained demand is key for continued support.

Barrows and gilts at the National Daily Direct were up $1.11 with a base range of $71 to $79 and a weighted average of $77.79. The weighted average price was $77.92 for the Iowa Minnesota, $77.79 for the Western Corn Belt, and $77.76 for the Eastern Corn Belt.

Butcher hogs were steady at the Midwest cash markets with barrows and gilts priced at $55; slaughter sows ranging from $51 to $57; and boars marked at $16. At Illinois, barrows and gilts were steady at $45 to $55; slaughter sows were $1 higher at $56 to $68; boars had a range of $15 to $30.

Pork values closed higher – up $.69 at $96.53.

Estimated hog slaughter was 486,000 head – down 1,000 on the week and up 2,500 on the year.