Market News
Live cattle futures mostly higher at midweek
At the Chicago Mercantile Exchange, live cattle ended the day mostly higher and feeder cattle were higher watching corn and direct business develop. June live cattle closed $.02 lower at $118.60 and August live cattle closed $.27 higher at $122.32. May feeder cattle closed $1.42 higher at $136.75 and August feeder cattle closed $1.67 higher at $150.52.
Another round of direct cash cattle trade took place on Wednesday. There were a handful of deals reported in parts of Texas at $119 live, that’s fully steady with last week’s weighted averages and live deals in Nebraska were at $120 live. Dressed deals in the North were fully steady with Tuesday’s business at $191. Asking prices are at $120 to $122 live in the South and $193 dressed in the North. Wednesday’s Fed Cattle Exchange had an offering of 2,749 head with 1,458 sold from $118.50 to $120.25. There was a light to moderate dressed trade that took place on Tuesday at mostly $191, that’s about $2 higher than the prior week’s weighted average basis in Nebraska.
At the Ozarks Regional Stockyards in Missouri, compared to last week steer and heifer calves over 450 pounds were steady to $5 higher with lighter weight calves $5 to $10 higher. The USDA says demand was good on a light to moderate supply. Pastures are in excellent conditions and the market this week saw an increase in demand for lighter weight feeder calves to turnout. Receipts were up on the week and down on the year. Feeder supply included 50% steers and 42% of the offering was over 600 pounds. Medium and Large 1 feeder steers 502 to 549 pounds brought $157 to $168 and feeder steers 750 to 769 pounds brought $132 to $138. Medium and Large 1 feeder heifers 461 to 490 pounds brought $143 to $152 and feeder heifers 502 to 549 pounds brought $133 to $143.
Boxed beef closed higher on good demand for moderate offerings. Choice closed $2.71 higher at $315.08 and Select closed $.82 higher at $297.16. The Choice/Select spread is $17.92. Estimated cattle slaughter is 118,000 head – down 2,000 on the week and up 23,000 on the year.
Lean hog futures ended the day mixed on spread adjustments. May lean hogs closed $.32 higher at $111.80 and June lean hogs closed $.85 higher at $112.02.
Cash hogs closed lower with a big negotiated run. Packers continue to monitor the availability of market-ready barrows and gilts. Prices have been generally supported by the strong demand for US pork on the global market and domestically. While prices took a dip on Wednesday, the industry does expect the stronger price trend to continue. Barrows and gilts at the National Daily Direct closed $1.67 lower with a base range of $105.76 to $125 and a weighted average of $115.61; the Iowa/Minnesota closed $2.18 lower with a weighted average of $120.18; the Western Corn Belt closed $2.57 lower with a weighted average of $119.79; the Eastern Corn Belt had not comparison but a weighted average of $110.74.
Butcher hog prices at the Midwest cash market are steady at $77. At Illinois, slaughter sow prices were steady to $4 lower with moderate demand for heavy offerings at $48 to $62. Barrow and gilt prices were steady with good demand for heavy offerings at $75 to $80. Boars ranged from $40 to $45 and $15 to $20.
Pork values closed higher – up $.91 at $114.11. Ribs, picnics, butts, bellies and loins were all higher to sharply higher. Hams were lower. Estimated hog slaughter is 480,000 head – down 5,000 on the week and up 95,000 on the year.
