Thursday’s pork carcass values higher at midday, but close lower

Market News

Thursday’s pork carcass values higher at midday, but close lower

Direct cash cattle trade ended the day steady on a few sales. Cash hogs closed higher.

At the Chicago Mercantile Exchange, live cattle futures were higher and feeders were mixed, watching corn and the direct cash cattle markets. August live was up $.20 at $123.15 and October was $.92 higher at $128.50. August feeders were $.07 lower at $158.70 and September was $.72 higher at $163.55.

The cattle market was slow Thursday after Wednesday’s light to moderate trade in the South, and light business in the North. Although packer inquiry was expected to improve Thursday, it didn’t show much improvement. There was light direct cash cattle trade reported in parts of Nebraska Thursday afternoon. It was steady with last week at mostly $198. Asking prices for remaining cattle are around $122 plus in the South, and $200 plus in the North.

No recent market test at Bassett, Nebraska Livestock Auction Wednesday. In addition to regular local consignments, there were some out of state cattle, due to dry conditions and fire. Demand was good on 4,560 head of cattle.

Medium and Large #1 steers:

272 head, weighing 759 pounds to 790 pounds brought $158.00 to $170.00.

334 head, weighing 965 pounds to 978 pounds brought $151.50 to $154.75.

Medium and Large #1 heifers:

523 head, weighing 814 pounds to 849 pounds brought $153.50 to $160.00.

Boxed beef closed sharply higher. Choice boxes up $7.13 at $217.93. Selects were up $2.32 at $290.31.

Estimated cattle slaughter Thursday was 116,000 head, 5,000 fewer than last week, and 1,000 fewer than a year ago. Wednesday’s kill was revised downward to 116,000 head.

Lean hog futures were higher Thursday, supported by the sharply higher midday move in pork, but gains were somewhat limited by bearish weekly export sales numbers. August was up $.50 at $110.12 and October was $.62 higher at $86.47.

Cash hogs closed higher.

Direct barrows and gilts were up 51 cents on a national basis. National direct butchers had a weighted average of $100.12; Iowa/Minnesota closed with a weighted average of $103.58; Western Cornbelt hogs closed with a weighted average of $103.42.

The pork carcass values dropped $4.59 to close Thursday at $119.37.

Thursday’s estimated hog slaughter is 476,000, 8,000 more than last week, but 3,000 fewer than last year.