Market News
Cattle futures higher to start the week
At the Chicago Mercantile Exchange, live and feeder cattle were up following Friday’s Cattle on Feed report and ahead of the week’s business. August lives closed $.82 higher at $183.92 and October lives closed $1.12 higher at $184.60. August feeder cattle closed $.80 higher at $256.40 and September feeders closed $.72 higher at $256.60.
Direct cash cattle trade is off to its typically quiet start to the week. Showlists this week are mixed – higher in Texas, but lower in Kansas, Nebraska, and Colorado. Bids and asking prices didn’t surface. Significant trade volume will likely hold out until the back half of the week.
At midsession at the Oklahoma National Stockyards, steers and heifers were steady to $4 higher. The USDA says demand was good and quality was average. Receipts were down on the week and the year. Feeder supply included 51% steers and 65% of the offering was over 600 pounds. Medium and Large 1 feeder steers 608 to 645 pounds brought $296 to $312 and feeder steers 855 to 894 pounds brought $244 to $259.75. Medium and Large 1 feeder heifers 652 to 698 pounds brought $258 to $269 and feeder heifers 702 to 749 pounds brought $238 to $247.
Boxed beef closed lower with light demand for solid offerings. Choice was $.39 lower at $313.44 and Select closed $.47 lower at $298.33. The Choice/Select spread is $15.12. Estimated cattle slaughter was 115,000 head – down 3,000 on the week and down nearly 8,000 on the year.
Lean hog futures ended the day mixed on spread trade, with strong cash and wholesale business during the session. August lean hogs closed $.80 higher at $92.37 and October lean hogs closed $1.42 higher at $75.97.
Cash hogs closed higher with a solid negotiated run. Processors started the week off more aggressive in their procurement efforts and bid up to move needed number. Demand for US pork on the global market and domestically has been strong, helping provide price support. The industry continues to watch the availability of market-ready hogs and hog weights. Barrows and gilts at the National Daily Direct closed $1.62 higher with a base range of $78 to $85 and a weighted average of $84.04; the Iowa/Minnesota closed $2.61 higher with a weighted average of $84.38; the Western Corn Belt closed $2.50 higher with a weighted average of $84.38. Prices at the Eastern Corn Belt were not reported due to confidentiality.
Butcher hog prices at the Midwest Cash Markets are steady at $66. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $48 to $60. Barrows and gilts were steady with moderate demand for moderate offerings at $52 to $62. Boars ranged from $18 to $28 and $8 to $15.
Pork values closed higher – up $2.36 at $104.52. Hams and bellies were both sharply higher. Picnics and butts were higher. Loins and ribs were lower. Estimated hog slaughter was 459,000 head – down 19,000 on the week and down about 1,000 on the year.
