Cattle futures lower for fourth consecutive session
Chicago Mercantile Exchange live and feeder cattle futures were down, watching direct business develop, with some pressure from the recent mostly lower trend in beef. October live was $.65 lower at $123.10 and December was down $.90 at $128.65. September feeders were down $.22 at $156.05 and October was $.77 lower at $159.27.
Direct cash cattle saw some light trade develop in the South around $124, steady to $1 higher than last week’s weighted averages. A few deals came in from Nebraska at $203, about $1 higher than last week’s weighted average.
Boxed beef cutout values closed lower, Choice 33 cents lower at $334.86 and Select $3.73 lower at $298.17. The Choice/Select spread is $36.69.
At the Lonestar Stockyards in Wildorado, Texas, compared to last week, feeder steers and heifers were mostly steady to firm. USDA says demand was moderate with the quality of cattle plain to average. Receipts were sharply higher on the week. Feeder supply included 58 percent steers and 68 percent of the offering was over 600 pounds. Medium and Large 1 one feeder steers with an average weight of 730 pounds brought $155 and feeder steers with an average weight of 900 pounds brought $140.50. Medium and Large 1 feeder heifers averaging 689 pounds brought $139.00 and feeder heifers from 758 to 785 pounds brought $129.50 to $132.00.
Estimated cattle slaughter is 121,000 head. That’s up 2,000 on the week and even on the year.
Lean hog futures were mixed, adjusting spreads and watching demand signals. October was $.72 lower at $87.37 and December was down $.22 at $80.55.
Cash hogs closed higher. 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 closed $2.15 higher with a weighted average of $89.71; the Iowa/Minnesota had a weighted average of $91.61; the Western Cornbelt had a weighted average of $91.60; the Eastern Cornbelt had a weighted average of $86.84.
Butcher hogs at the Midwest cash markets are steady at $70.
Pork values closed higher, up $4.73 at $110.40. Hams closed up more than $27. Picnics and bellies closed higher. Loins, butts and ribs closed lower.
At Illinois, slaughter sow prices were weak with moderate demand for moderate to heavy offerings at $63 to $80. Barrow and gilt prices were mostly $1 lower with moderate demand for moderate offerings at $54 to $62. Boars ranged from $15 to $40.
Estimated hog slaughter is 479,000 head, even on the week and down 6,000 on the year.