Cattle futures mixed, hogs supported by cash business
Chicago Mercantile Exchange live cattle futures were mixed and feeders were mostly higher ahead of the week’s widespread direct business. Soon to expire June live was $.45 higher $122.55and August was up $.32 at $121.92. August feeders were up $1.05 at $157.40 and September was $.72 higher at $159.80.
It was a quiet day for cash cattle with few deals developing at the end of the day on Tuesday. Live deals in Nebraska were at $126.50, about $1.50 higher than last week’s weighted averages. Deals in Kansas were at $122.
Boxed beef closed lower to sharply lower with light demand for moderate offerings. Choice closed $5.09 lower at $292.34 and Select closed $3.56 lower at $270.40. The Choice/Select spread is $21.94.
At the Joplin Regional Stockyards in Carthage, Missouri, compared to last week, there was a sharply higher undertone noted on steers over 700 pounds. Feeder heifers were $1 to $5 higher. USDA says demand was very good with heavy offerings. Receipts were up on the week but down on the year. Feeder supply included 62 percent steers and 76 percent of the offering was over 600 pounds. Medium and Large 1 feeder steers 600 to 646 pounds brought $156.00 to $170.50 and feeder steers 709 to 746 pounds brought $148.00 to $156.00. Medium and Large 1 feeder heifers 550 to 596 pounds brought $140.00 to $153.00 and feeder heifers 752 to 797 pounds brought $130.25 to $141.50.
Estimated cattle slaughter is 120,000 head – down 1,000 on the week and even on the year.
Lean hog futures were supported by the recent gains in pork. July was $2.02 higher at $106.97 and August was up $.85 at $103.62.
Cash hogs closed lower with light negotiated purchases. There seems to be more than enough market ready hogs keeping the supply chain moving but any hiccups could cause prices to drop quickly.
Barrows and gilts at the National Daily Direct closed $1.90 lower for a weighted average of $110.63; the Iowa/Minnesota was not reported; the Western Corn Belt closed with a weighted average of $113.06. Prices at the Eastern Corn Belt were not reported due to confidentiality.
At Illinois, slaughter sow prices were $1 to $6 higher with good demand for heavy offerings at $45 to $60. Barrow and gilt prices were weak with good demand for heavy offerings at $76 to $80. Boars ranged from $10 to $50.
Pork values closed lower – down $.91 at $114.22. Loins were sharply higher. Butts, ribs and picnics were higher. Hams and bellies were sharply lower.
Estimated hog slaughter is 461,000 head – down 14,000 on the week and 11,000 on the year.