Cattle futures mixed at midweek
At the Chicago Mercantile Exchange, live cattle ended the day mixed watching direct business develop and feeders were mostly lower, pressured by the day’s higher move in corn. June live cattle closed $.67 higher at $117.50 and August live cattle closed $.45 higher at $118.27. August feeder cattle closed $.97 lower at $148.27 and September feeder cattle closed $1.20 lower at $150.75.
Another round of light to moderate direct cash cattle trade took place. Deals have been marked at $120 live in the South, generally steady with last week’s business. A handful of live deals in Nebraska are marked at $121. Dressed deals in the North ranged from $190 to $191. There’s been a light to moderate trade take place this week with Southern live deals marked at $118 to $120, generally steady with last week’s business and Northern dressed deals at mostly $190 to $191, also generally steady with last week’s weighted average basis in Nebraska. Wednesday’s Fed Cattle Exchange had an offering of 10,170 head, of which 2,772 actually sold at $116 to $120.
At the Ozarks Regional Stockyards in Missouri, compared to last week steer and heifer calves were steady to $3 higher. Yearling steers and heifers were $2 to $4 higher. The USDA says demand was good on a moderate supply. Receipts were up on the week and the year. Feeder supply included 52% steers and 43% of the offering was over 600 pounds. Medium and Large 1 feeder steers 550 to 599 pounds brought $158 to $168 and feeder steers 606 to 649 pounds brought $150 to $166. Medium and Large 1 feeder heifers 502 to 548 pounds brought $133 to $143 and feeder heifers 550 to 580 pounds brought $133 to $140.
Boxed beef closed higher with moderate to good demand for moderate offerings. Choice closed $.04 higher at $338.65 and Select closed $1.69 higher at $307.87. The Choice/Select spread is $30.78. Estimated cattle slaughter is 120,000 head – up 15,000 on the week and up 4,000 on the year.
Lean hog futures ended the day mixed on spread adjustments ahead of Thursday’s Weekly Export Sales Reports. June lean hogs closed $1.25 higher at $121.95 and July lean hogs closed $.30 lower at $121.50.
Cash hogs closed sharply higher with a moderate negotiated run. Packers were aggressive in their procurement efforts and bid up to move their desired numbers. The strong demand for US pork has been very price supportive and the industry expects that to continue on both the global market and domestically. Barrows and gilts at the National Daily Direct closed $2.66 higher with a base range of $100.47 to $128 and a weighted average of $115; the Iowa/Minnesota is $4.15 higher with a weighted average of $123.86; the Western Corn Belt is $2.93 higher with a weighted average of $123.32. The Eastern Corn Belt was not reported due to confidentiality.
Butcher hog prices at the Midwest cash market are steady at $75. At Illinois, slaughter sow prices were $1 lower with moderate demand for heavy offerings at $38 to $49. Barrow and gilt prices were $2 higher with moderate to good demand for moderate to heavy offerings at $75 to $80. Boars ranged from $45 to $50 and $12 to $18.
Pork values closed weak down – $.56 at $134.38. Ribs were sharply lower. Loins and bellies were also lower. Hams, picnics, and butts were sharply higher. Estimated hog slaughter is 485,000 head – up 46,000 on the week and up 37,000 on the year.