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Cattle, hog futures close higher Thursday

At the Chicago Mercantile Exchange, live and feeder cattle were up, supported by strong boxed beef and watching direct business develop. 

A light round of direct cash cattle business developed Thursday.  Live deals were at $182 in Kansas and Texas, $2 below the previous week’s business.  Asking prices are around $186 live in the South and $295 to $297 dressed in the North.  There’s only been some scattered business throughout the week.  Look for packer inquiry and business to pick up before the end of the day Friday.

At the Huss Livestock Market in Nebraska, steers 500 to 650 pounds were steady to $3 higher and steers over 750 pounds were $3 to $5 higher.  Heifers under 700 pounds were $3 to $6 higher and heifers over 700 pounds were steady to $5 lower.  The USDA says demand was moderate from the buyers in the crowd and online.  Receipts were up on the week and down on the year.  Feeder supply included 58% steers and 64% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 567 to 599 pounds brought $310 to $331 and feeder steers 858 to 890 pounds brought $229 to $238.25.  Medium and Large 1 feeder heifers 551 to 566 pounds brought $301 to $303 and feeder heifers 608 to 640 pounds brought $265 to $281.50.  

Boxed beef was mixed at the close with Choice up $.14 at $298.37 and Select down $.87 at $295.15. The Choice/Select spread was $3.22.

Estimated cattle slaughter was 124,000 head – up 2,000 on the week and down less than 1,000 head from last year.

Lean hog futures ended the day higher, with pork values higher and a strong week of export sales.

Cash hogs closed steady to lower. Processors didn’t have to get too aggressive in their procurement efforts to move needed numbers. Demand for US pork continues to be a bright spot – and this week’s export sales report showed another strong week as net sales were up 65% from last week.  Domestic demand has also been strong.  The industry also continues to monitor the availability of market-ready hogs and hog weights. 

Barrows and gilts at the National Daily Direct were down $3.58 with a base range of $84 to $92 and a weighted average price of $87.05. The Iowa/Minnesota was down $.10 with a weighted average price of $91.48. The Western Corn Belt was down $.65 with a weighted average price of $90.05. The Eastern Corn Belt was not reported due to confidentiality.

Butcher hog prices at the Midwest cash markets are steady at $55. 

At Illinois, slaughter sow prices were steady with moderate demand for moderate to heavy offerings at $47 to $59.  Barrows and gilts were $1 higher with moderate demand for moderate offerings at $51 to $61.  Boars ranged from $15 to $25 and $8 to $15.

Pork values closed higher – up $1.04 at $101.29.