Market News
National Direct barrows and gilts gain strength amid lean hog futures weakness
At the Chicago Mercantile Exchange, live and feeder cattle futures were lower, getting ready for the week’s direct business. August live expired at $118.95, $1.30 lower, while October was down $1.42 at $126.90 and December was $1.20 lower at $133.47. September feeders were down $1.05 at $163 and October was $1.20 lower at $167.75.
In Tuesday’s direct cash cattle trade, packer inquiry remained very limited. Significant trade is not likely until sometime today or later. Some early asking prices are around $125 plus in the South but are not yet established in the North.
At the Tri-State Livestock Auction in McCook, Nebraska, they had 2,227 cattle at the Monday sale. Compared to last week, the market was steady to $2.00 higher. Demand was good, with good selection of precondition calves offered.
Medium and large frame #1 steers:
111 head of steer calves averaging just 375 pounds brought $215.00 to $222.00.
131 head of 907-pound steers all to go at $162.35.
Medium and large frame #1 heifers:
110 head, weighing 401 to 431 pounds, brought $173.00 to $187.00.
158 head weighing 508 to 542 pounds, brought $164.00 to $171.00.
Boxed beef closed lower. Choice boxes were 67 cents lower at $342.11. Select boxed down 52 cents at $312.03.
Estimated cattle slaughter is 121,000, a thousand more than last week and the same as last year.
Lean hog futures closed mostly lower on spread trade and long-term pork demand uncertainties. October was down $1.35 at $88.80 and December was $.77 lower at $81.95.
Cash hogs closed mixed.
National Direct barrows and gilts closed $2.23 higher ranging from $88.00 to $98.00, at a weighted average of $92.95. The Iowa/Minnesota weighted average was $95.19. Western Cornbelt hogs closed at a weighted average of $95.13, and Eastern Cornbelt hogs at $90.22.
Illinois Direct Sows and Boars, 1175 head with the market mixed, on moderate to good demand. Sows ranged from $70.00 to $85.00
Light boars from $45.00 to $50.00; over 300 pounds brought $10.00 to $12.00.
Illinois barrows and gilts were $1.00 to $2.00 lower, at $56.00 to $65.00.
The pork carcass cutout value closed 71 cents lower at $109.01.
Tuesday’s estimated hog slaughter is 479,000, 5,000 more than last week and 11,000 more than last year.
