Market News
A quiet end to the week for cash livestock trade
At the Chicago Mercantile Exchange, live and feeder cattle were higher, supported by follow through technical buying, despite the week’s bearish cash and wholesale business. December live was up $.82 at $108.75 and February was $1.40 higher at $113.25. January was feeders were $2.12 higher at $139.72 and March was up $1.30 at $140.55.
A quiet day for cash cattle trade on Friday. Live deals surfaced at $108 in Kansas and Texas, $2 to $2.50 lower than last week’s weighted averages. It’s been a week with light trade below last week’s weighted averages with most of the better deals taking place early in the week.
At the Missouri Hay Market, hay business is slowly increasing. Alfalfa Supreme medium squares brought $200 to $250. Small squares brought $7 to $9 per bale. Alfalfa Premium medium squares brought $160 to $200. Alfalfa good large rounds brought $120 to $160, small squares brought $5 to $7 per bale. Alfalfa fair large rounds brought $100 to $125. Alfafla/Grass Mix, good/premium small squares brought $6 to $8 per bale. Mixed grass, good/premium large rounds brought $80 to $120.
Boxed beef closed lower with light demand for moderate offerings. Choice closed $.71 lower at $213.88 and Select closed $2.76 lower at $195.71. The Choice/Select spread is $18.17.
Estimated cattle slaughter is 118,000 head – up 1,000 on the week and down 5,000 on the year. Saturday’s estimated kill is 73,000 head – up 4,000 on the week and 20,000 on the year.
Lean hog futures were weak to sharply lower on long-term demand uncertainties and the steady to lower cash during the session. December was down $.12 at $64.67 and February was $1.87 lower at $63.22.
Cash hogs closed lower with moderate negotiated purchases. This week’s export sales report showed bearish numbers, but the industry remains optimistic demand for US pork will continue to see strength on the global market. The availability of market-ready hogs is more than ample and that’s not likely to change soon. Processors continue to push daily slaughter totals higher. While that helps prevent the backlog of hogs in the production system from growing, it also adds more pork to the market.
Barrows and gilts at the National Daily Direct closed $.77 lower for a weighted average of $53.44; the Iowa/Minnesota closed $.06 lower for a weighted average of $53.74; the Western Corn Belt closed $.90 higher for a weighted average of $54.65. Prices at the Eastern Corn Belt was not reported due to confidentiality.
Pork values closed higher – up $1.28 at $79.71. Picnics closed down more than $3. Ribs and hams are higher. Loins, butts and bellies closed sharply higher.
Estimated hog slaughter is 490,000 head – down 1,000 on the week and up 4,000 on the year. Saturday’s estimated kill is 314,000 head – up 5,000 not he week and up 1,000 on the year.