Market News
Cattle, hog futures higher heading into Friday
At the Chicago Mercantile Exchange, live and feeder cattle ended the day higher, supported by technical buying and spillover from the broader market. October live cattle closed $1.45 higher at $125.27 and December live cattle closed $1.87 higher at $130.10. October feeder cattle closed $3.55 higher at $160.35 and November closed $3.47 higher at $161.60.
It was a quiet Thursday for direct cash cattle trade activity following the active day on Wednesday. Southern live deals were at mostly $124, steady to $1 higher than last week’s business. Northern dressed deals were at mostly $196, fully steady with the bulk of last week’s trade. Asking prices for cattle left on showlists are around $125 plus live in the South and $198 plus dressed in the North. The bulk of the week’s business has likely wrapped up, but there could be some cleanup trade over the balance of the week.
At the Bassett Livestock Auction in Nebraska, compared to two weeks ago steers 850 to 950 pounds were $2 to $5 higher. There were no comparable offerings for heifers. The USDA says demand was very good for home-raised Sandhill cattle. Receipts were down slightly from two weeks ago and up on the year. Feeder supply included 46% steers and 98% of the offering was over 600 pounds. Medium and Large 1 feeder steers 863 to 889 pounds brought $161.75 to $165.50 and feeder steers 955 to 973 pounds brought $152.75 to $159. Medium and Large 1 feeder heifers 809 to 849 pounds brought $143 to $155.25 and feeder heifers 900 to 942 pounds brought $146.25 to $150.
Boxed beef closed mixed on light to moderate demand for strong offerings. Choice closed $1.32 lower at $285.30 and Select was $1.53 higher at $264.44. The Choice/Select spread was $20.86. Estimated cattle slaughter is 120,000 head – down 1,000 on the week and up 4,000 on the year.
Lean hog futures ended the day higher, supported by the higher pork values during the session, but were limited by the bearish weekly export sales numbers. October lean hogs closed $.22 higher at $89.85 and December lean hogs closed $.30 higher at $82.02.
Cash hogs closed firm with a solid negotiated run. The industry continues to move their desired numbers at lower prices. Supplies of market-ready barrows and gilts are more than ample. And while demand for US pork on the global market and domestically remains strong, there are long-term concerns and it’s adding pressure to prices. Barrows and gilts at the National Daily Direct closed $.17 higher with a base range of $69 to $72.50 and a weighted average of $70.18. The Iowa/Minnesota had a weighted average of $70.84; the Western Corn Belt had a weighted average of $71.12; the Eastern Corn Belt had a weighted average of $69.77.
Butcher hog prices at the Midwest cash markets are steady at $60 in Dorchester, Wisconsin and ranged from $52 to $63 at the Walker Sale Barn in Iowa.
Pork values closed lower – down $.60 at $112.26. Hams were sharply lower and ribs were lower. Loins, bellies, picnics, and butts were higher to sharply higher. Estimated hog slaughter is 478,000 head – up 5,000 on the week and down 10,000 on the year.
