Cattle futures mostly higher, supported by cash trade

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Cattle futures mostly higher, supported by cash trade

At the Chicago Mercantile Exchange, live and feeder cattle ended the day mostly higher supported by the week’s stronger direct cash business and higher wholesale values during the session.  August live cattle closed $.27 higher at $101.72 and October live cattle closed $.70 higher at $106.75.  August feeder cattle closed $1.05 higher at $143.02 and September feeder cattle closed $1.85 higher at $144.42. 

Another round of light direct cash cattle trade took place on Thursday.  Deals in Nebraska were at $160 dressed, fully steady with Wednesday’s business. It was a relatively quiet day in the South.  Asking prices for cattle remaining on showlists are at $98 to $100 live and $162 dressed. 

At the Springfield Livestock Auction in Missouri, compared to last week’s light test, steers under 600 pounds and heifers under 550 pounds were $2 to $6 higher.  Steers 600 to 800 pounds and heifers 550 to 750 pounds were $5 to $10 higher.  The USDA says demand was good to very good and supply was moderate to heavy.  The offering was mostly weaned calves with several load lots and quality was above average with several consignments of reputation cattle.  Receipts were up on the week and the year.  Feeder supply was 58 percent steers and 55 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 601 to 644 pounds brought $140 to $146 and feeder steers 654 to 696 pounds brought $142.50 to $157.25.  Medium and Large 1 feeder heifers 552 to 599 pounds brought $132 to $149 and feeder heifers 604 to 648 pounds brought $134 to $150.10. 

Boxed beef closed firm to higher with moderate demand for moderate offerings.  Choice is $.69 higher at $201.80 and Select is $2.01 higher at $191.50. Estimated cattle slaughter is 119,000 head – down 1,000 on the week and down 4,000 on the year. 

Lean hog futures ended the day lower, pressured by weaker cash and wholesale values.  August lean hogs closed $1.65 lower at $51.42 and October lean hogs closed $1.50 lower at $48.32. 

Cash hogs closed weak with solid negotiated purchases.  Supplies of market-ready barrows and gilts are ample and with daily slaughter totals that continue to rise, that’s adding more pork to the market.  However, demand uncertainty is ongoing and that doesn’t provide any price support.  It was another strong week for export sales and that is, overall, largely supportive to prices. Barrows and gilts at the National Daily Direct closed $.84 lower with a base range of $37 to $42.50 for a weighted average of $41.36; the Iowa/Minnesota closed $.66 lower at $41.21; the Western Corn Belt closed $.78 lower for a weighted average of $41.09.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $24. At Illinois, slaughter sow prices were steady with moderate to good demand for moderate offerings at $10 to $22.  Barrow and gilt prices were steady with good demand for moderate to heavy offerings at $19 to $28. 

Pork values closed weak – down $.34 at $67.57.  Hams are sharply lower.  Ribs and butts are lower.  Picnics, loins, and bellies all closed higher. Estimated hog slaughter is 475,000 head – up 4,000 on the week and the year. 

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