Market News
Cattle futures steady to lower, hogs sharply lower
Chicago Mercantile Exchange live cattle futures were steady to modestly lower and feeders were weak, on spread trade and profit taking ahead of widespread direct business. August live cattle were steady at $123 and October was down $.40 at $127.47. August feeder cattle were $.55 lower at $159.30 and September was down $.12 at $163.20.
Cash cattle trade was quiet on Monday. Buyers and sellers were seemingly busy taking inventory. Bids and asking prices were not established. The bulk of the week’s cash business isn’t expected to happen until after Tuesday.
Boxed beef closed higher on good demand for light offerings. Choice closed $3.54 higher at $299.80 and Select ended $3.72 higher at $280.81. The Choice/Select spread is $18.99.
Estimated cattle slaughter is 119,000 head. That’s up 3,000 on the week and 6,000 on the year.
At the MO-Kan Livestock Market in Butler, Missouri, compared to the last sale, steers under 650 pounds sold steady and a few ‘fancy’ lots from 700 to 850 pounds sold $7 to $10 higher. Heifers traded steady to $5 higher. USDA says demand was good on moderate supply and buyers were active. Feeder supply included 44 percent steers and 46 percent were over 600 pounds. Medium and large 1 steers 608 to 638 brought $164 to $173 and steers 651 to 675 brought $160 to $167. Medium and large 1 feeder heifers 552 to 590 pounds brought $149.50 to $161.25 and heifers 617 to 637 brought $147 to $158.
Lean hog futures were mostly sharply lower on spread trade and the lower cash during the session. August was up $.15 at $108.90 and October was limit down at $84.60.
Cash hogs closed lower, down around $2. At the National Daily Direct, there was a weighted average of $99.15. The Iowa Minnesota had a weighted average of $100.12; The Western cornbelt kept pace at $100.12; The Eastern Cornbelt was not reported due to confidentiality.
At Illinois, slaughter sow prices were $1 to $2 higher ranging from $69 to $85 with good demand for heavy offerings. Barrows and gilts were $2 lower at $62 to $72 with moderate to good demand for moderate offerings. Boars brough $10 to $50.
Pork values closed higher, up $.57 at $124.24. Hams, ribs, and bellies closed sharply higher. Butts and picnics closed lower; loins closed sharply lower.
Estimated hog slaughter is 456,000 head, up 48,000 on the week but down 2,000 on the year.
