Market News
Cattle futures mixed to start the holiday-shortened week
At the Chicago Mercantile Exchange, live and feeder cattle ended the day mixed watching corn and direct business develop. June live cattle closed $2.42 lower at $113.55 and August live cattle closed $2 lower at $116.60. August feeder cattle closed $2.20 lower at $149.15 and September feeder cattle closed $1.55 lower at $151.97.
It was a relatively quiet Tuesday for direct cash cattle trade. Bids have been slow to surface. Showlists are mixed – somewhat lower in Kansas and Texas, but higher in Nebraska/Colorado. Asking prices are at $120 plus live in the South, while not fully established in the North. Look for more business to develop as the week progresses. There is a lot of uncertainty and pressure on the markets as the industry continues to monitor the impact of the cyberattack on JBS reported over the weekend. It’s unknown how long those impacts will last.
In Missouri last week, compared to the previous week feeders were steady to $5 higher. Both the supply and demand for feeders was moderate. Receipts were up on the week and the year. Feeder supply included 55 percent steers and 46 percent of the offering was over 600 pounds. Medium and Large 1 feeder steers 550 to 599 pounds brought $151 to $175 and feeder steers 600 to 649 pounds brought $128 to $173. Medium and Large 1 feeder heifers 450 to 498 pounds brought $134 to $161 and feeder heifers 550 to 599 pounds brought $129 to $155.
Boxed beef closed sharply higher on good demand for solid offerings. Choice closed $3.59 higher at $334.56 and Select closed $5.55 higher at $306.45. The Choice/Select spread is $28.11. Estimated cattle slaughter is 94,000 head – down 27,000 on the week and down 21,000 on the year.
Lean hog futures ended the day higher, supported by long-term demand expectations. June lean hogs closed $1.37 higher at $118.62 and July lean hogs closed $.30 higher at $119.65.
Cash hogs higher with a big negotiated run. Processors bid up to move their desired numbers on Tuesday. Strong demand on the global market and domestically has been largely supportive to prices and that’s expected to continue. However, should a disruption occur, it would like send prices tumbling. Barrows and gilts at the National Daily Direct closed $3.60 higher with a base range of and a weighted average of $108.93; the Iowa/Minnesota closed $.64 higher with a weighted average of $112.61; the Western Corn Belt closed $1.07 higher with a weighted average of $112.78; the Eastern Corn Belt had no comparison but a weighted average of $106.62.
Butcher hog prices at the Midwest cash market are $2 lower than last week at $75. At Illinois, slaughter sow prices were steady with moderate demand for heavy offerings at $38 to $52. Barrow and gilt prices were $1 higher with moderate to good demand for light offerings at $71 to $75. Boars ranged from $45 to $50 and $12 to $18.
Pork values closed higher – up $.53 at $127.12. Ribs were sharply higher. Bellies, picnics, and hams were higher. Loins and butts were lower to sharply lower. Estimated hog slaughter is 390,000 head – down 95,000 on the week and down 28,000 on the year.
