Hog, cattle futures supported by broader markets

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Hog, cattle futures supported by broader markets

At the Chicago Mercantile Exchange, both live and feeder cattle closed higher on broader market support and Friday’s on feed numbers.  June live cattle closed $1.70 higher at $99.40 and August contracts closed $1.92 higher at $99.25.  August feeder cattle closed $4.50 higher at $133.30 and September feeder cattle closed $4.27 higher at $134.42. 

A very light direct cash cattle trade was reported to start off the shortened week.  Dressed deals in Nebraska are at $190, which is generally steady with last week’s business.  Asking prices have surfaced around $120 live in the South and $195 dressed.  There are also a few bids in Iowa at $190.  Showlists this week are higher in all areas, especially in Texas. 

In Nebraska, last week, compared to the previous week steer calves under 700 pounds were unevenly steady and steers over 700 pounds were $4 to $5 higher.  Most weights of heifers sold $2 to $5 higher, except 600-pound offerings, which were $8 higher.  The USDA says demand was good.  Receipts were up on the week and the year.  Feeder supply included 55 percent steers and 75 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 650 to 695 pounds brought $136.50 to $156.60 and feeder steers 750 to 799 pounds brought $123.50 to $143.25.  Medium and Large 1 feeder heifers 650 to 696 pounds brought $125 to $147.50 and feeder heifers 701 to 746 pounds brought $120.25 to $130.25.   

Boxed beef ended the day sharply lower on light demand for heavy offerings.  Choice closed $11.25 lower at $385.49 and Select closed $14.16 lower at $360.02.  Estimated cattle slaughter is 106,000 head – up 7,000 on the week, but still down 16,000 on the year.  Monday’s estimated cattle slaughter was 4,000 head. 

Lean hog futures ended the day higher on support from the sharply higher wholesale prices during the session and broader market support.  June lean hogs closed $1.72 higher at $60.50 and July lean hogs closed $3.67 higher at $59.57.

Cash hogs ended the day lower with moderate negotiated purchases.  Supplies of market-ready barrows and gilts are heavy.  This at a time when the supply chain is still struggling to balance the available market-ready hogs, the backlog of hogs in the supply chain, with the available shackle space and available labor force.  That’s not an easy task right now.  Demand remains the bright spot for the industry as demand for US pork remains fairly strong on the global market. Barrows and gilts at the National Daily Direct closed $1.98 lower with a base range of $32 to $40.50 for a weighted average of $36.83; the Iowa/Minnesota closed $2.68 lower for a weighted average of $37.42; the Western Corn Belt is $2.62 lower for a weighted average of $37.64; the Eastern Corn Belt had no comparison but a weighted average of $36.37. 

Butcher hog prices at the Midwest cash markets are steady in Dorchester, Wisconsin at $20.  At Illinois, slaughter sow prices were steady with light to moderate demand for heavy offerings at $7 to $20.  Barrow and gilt prices were firm with moderate demand for heavy offerings at $16 to $20.  Boars ranged from $1 to $5. 

Pork values closed firm– up $.69 at $97.44.  Bellies and picnics were sharply higher.  Hams closed higher.  Ribs and loins closed sharply lower and butts were lower.  Estimated hog slaughter is 405,000 head – up 8,000 on the week and down 72,000 on the year.  Monday’s hog slaughter was 2,000 head.

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