Cattle futures lower, hogs mixed heading into holiday
Chicago Mercantile Exchange live cattle futures were mostly lower on the recent trend in boxed beef, while feeders were supported by the lower move in corn. August live was $1.57 lower at $122 and October was down $1.17 at $128.07. August feeder cattle were $.72 higher at $157.05 and September was up $.35 at $159.42.
Direct cash cattle trade was quiet Friday as the week’s business had mostly wrapped up. Live deals in the South came in at $120 to $122, steady to $2 lower than last week’s weighted averages. Northern deals were at $198, about $1 higher than last week’s weighted averages.
Boxed beef is lower on light demand for moderate offerings. Choice is $2.21 lower at $285.44 and Select is $2.52 lower at $264.41. The Choice/Select spread is $21.03.
Estimated cattle slaughter is 113,000 head – down 3,000 on the week but up 6,000 on the year. Saturday’s estimated kill is 33,000 head – down 37,000 on the week but up 32,000 on the year.
At the Winter Livestock Auction in Pratt, Kansas, compared to last week, feeder steers 675 to 1000 pounds sold $8 to $12 higher. Feeder heifers sold $5 to $6 higher. USDA says demand was good noting outstanding quality steers. Receipts were down on the week but up on the year. Feeder supply included 78 percent steers and 93 percent of the offering was over 600 pounds. Medium and Large 1 feeder steers 810 to 848 pounds brought $143.00 to $149.85 and feeder steers 887 to 890 pounds brought $151.50 to $152.60. Medium and Large 1 feeder heifers 630 to 648 pounds brought $138.50 to $140.50 and feeder heifers 694 to 697 pounds brought $144.50 to $149.00.
Lean hog futures were mixed on spread adjustments ahead of the long holiday weekend. Futures market trade resumes Tuesday morning. July was $1.35 higher at $108.65 and August was $.07 lower at $100.22.
Cash hogs closed lower. Large processing numbers during most of the week were signaling that packer demand remains strong allowing for the ample amount of market ready hogs to be moved through the supply chain. But any disruptions to the supply chain would likely sharply lower prices.
The National Daily Direct had a weighted average of 108.21. The Iowa/Minnesota closed with a weighted average of 110.16. The Western Cornbelt had a weighted average of 110.57. The Eastern Cornbelt was not reported due to confidentiality.
The Midwest cash markets were closed.
At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $45 to $60. Barrow and gilt prices were steady with moderate demand for moderate offerings at $76 to $80. Boars ranged from $10 to $50.
Pork values closed lower – down $0.44 at $115.19. Bellies are sharply higher. Ribs and loins are higher. Butts and picnics are lower. Hams are sharply lower.
Estimated hog slaughter is 430,000 head – down 12,000 on the week but up 252,000 on the year. Saturday’s estimated kill is 15,000 head – down 10,000 not he week and up a full 15,000 on the year.