Market News
Cattle, hog futures close out the week lower
Chicago Mercantile Exchange live and feeder cattle futures were sharply lower on fund selling and the week’s mostly lower trend in the wholesale market. October live was down $1.25 at $124.80 and December was $1.27 lower at $130.92. September feeders were $1.82 lower at $158.47 and October was down $2.57 at $162.47.
Cash cattle trade has been light to close out the week with only scattered bids. Southern live deals came in around $124, about $1 higher than the week’s weighted average. Northern dressed deals were mostly around $203, about $1 lower than the week’s weighted average.
Boxed beef cutout values closed lower on Friday with Choice $1.50 lower at $336.42, Select closed 84 cents lower at $304.13. The Choice/Select spread is $32.29.
At the Clovis Livestock Auction in New Mexico, compared to last week, steer feeder calves sold $2 to $3 lower while heifer calves under 600 pounds were unevenly steady. Slaughter cows were steady. USDA says trade and demand were moderate to good. Feeder supply included 39 percent steers and 21 percent of the offering was over 600 pounds. Medium and Large 1 feeder steers from 525 to 535 pounds brought $174 to $176 and feeder steers from 561 to 569 pounds brought $165 to $167.50. Medium and large 1 feeder heifers from 401 to 432 pounds brought $163.50 to $171 and feeder heifers 510 to 545 pounds brought $151 to $167.
Lean hog futures were mixed on spread trade, the higher midday pork, and the steady to lower cash during the session. October was $.27 lower at $89.57 and December was down $.22 at $82.10.
Cash hogs closed lower on Friday with moderate negotiated purchases. The industry continues to monitor the availability of market-ready barrows and gilts. Demand for US pork on the global market and domestically has helped provide a lot of price support, and the industry hopes that to continue. Barrows and gilts at the National Daily Direct had a weighted average of $88.85; the Iowa/Minnesota had a weighted average of $94.18; the Western Cornbelt had a weighted average of $93.74; the Eastern Cornbelt was not reported due to confidentiality.
Hogs at the Midwest cash markets were steady at $70.
At Illinois, slaughter sow prices were steady with lidght demand for light offerings at $65 to $82. Barrow and gilt prices were steady with moderate demand for moderate offerings at $56 to $64. Boars ranged from $10 to $35.
Pork values closed $1.12 lower. Picnics were $2.11 higher, ribs were also higher. Hams, bellies, butts, and loins closed lower.
