Market News
Cattle, hog futures move higher
At the Chicago Mercantile Exchange, live and feeder cattle were up ahead of the week’s direct business. August lives closed $2.37 higher at $186.30 and October live cattle closed $1.52 higher at $186.12. August feeder cattle closed $2.35 higher at $258.75 and September feeder cattle closed $2.10 higher at $258.60.
Direct cash cattle trade activity was relatively quiet again today. Bids surfaced at $187 to $188 live in the South, but were still several dollars from current asking prices of $190+ live in the South. The North was quiet, Look for more business to develop over the balance of the week.
At the Callaway Livestock Center in Missouri, a lighter test this week, but 4-weights were steady to firm, steers 500 to 550 pounds were mostly $5 to $7 higher, steers 550 to 700 pounds sold with a firm to higher undertone. Feeder heifers 400 to 700 pounds were steady to firm with spots of $2 to $4 higher on 500 to 550 pound heifers. The USDA says demand was good on a moderate supply. Receipts were up on the week and the year. Feeder supply included 62% steers and 59% of the offering was over 600 pounds. Medium and Large 1 feeder steers 600 to 649 pounds brought $309 to $325.50 and feeder steers 711 to 734 pounds brought $293 to $299. Medium and Large 1 feeder heifers 503 to 542 pounds brought $305 to $318.50 and feeder heifers 667 to 691 pounds brought $274.50 to $278.50.
Boxed beef closed lower on light demand for solid offerings. Choice was $.23 lower at $313.21 and Select closed $1.67 lower at $296.66. The Choice/Select spread was $16.55. Estimated cattle slaughter was 123,000 head – up 2,000 on the week and down about 2,500 on the year.
Lean hog futures ended the day higher on oversold signals. August lean hogs closed $1.27 higher at $93.65 and October lean hogs closed $1.15 higher at $77.12.
Cash hogs closed mostly higher with a solid negotiated run. Processors were a little more aggressive in their procurement efforts Tuesday afternoon. But demand uncertainties continue to make it difficult for the hog market to find solid footing. Global demand has been solid, but domestic demand has been inconsistent. The industry also continues to monitor the availability of market-ready hogs and hog weights. Barrows and gilts at the National Daily Direct closed $.31 higher with a base range of $75 to $86 and a weighted average of $84.35; the Iowa/Minnesota closed $.09 higher with a weighted average of $84.47; the Western Corn Belt closed $.01 lower with a weighted average of $84.37; the Eastern Corn Belt had no comparison but a weighted average of $84.32.
Butcher hog prices at the Midwest cash markets are steady at $66.
Pork values closed lower – down $1.02 at $103.50. Loins, butts, picnics, and hams were all lower. Bellies were higher. Estimated hog slaughter was 481,000 head – up 4,000 on the week and up about 3,000 on the year.
