Cattle futures mixed prior to on feed numbers

Market News

Cattle futures mixed prior to on feed numbers

Chicago Mercantile Exchange live and feeder cattle futures were mixed ahead of the USDA’s on feed report, which was out after the close. December live was up $.37 at $133.52 and February was $.45 higher at $137.70. January feeders were $.45 lower at $160.92 and March was down $.17 at $163.37.

Direct cash cattle business Friday was limited to clean-up activity. Live trade was at mostly $133 to $134, up $1 to $2 from the previous week, while dressed sales were mainly at $210, about $3 higher than the week before. Monday’s activity will likely be limited to the distribution of the showlist, but most of the week’s business will probably occur before Thanksgiving.

Boxed beef was higher with Choice up $2.25 at $278.41 and Select up $.67 at $263.83. The estimate slaughter of 121,000 head was up 5,000 on the week and 6,000 on the year.

In Oklahoma, receipts of just over 39,000 head were down on the week and the year. Feeder steers and heifers were steady to $3 higher, steer calves were up $4, and heifer calves were steady to $3 higher. The USDA says demand was very good for all classes, with that demand boosted by lower supplies and higher slaughter cattle prices. Wheat pasture is reported as in good shape, helping demand for calves. Medium and Large 1 feeder steers weighing 500 to 600 pounds ranged from $156 to $188 and 600 to 700-pound steers ranged from $141 to $170. Medium and Large 1 feeder heifers weighing 500 to 600 pounds were reported at $132 to $162 and 600 to 700-pound heifers brought $127 to $156.

Lean hog futures were mixed, continuing to monitor holiday demand indicators. December was down $1.35 at $73.75 and February was $.82 lower at $82.47.

Cash hogs were mixed Friday, with relatively light negotiated numbers for the major direct markets. Many buyers had the needed numbers on hand before Friday rolled around, using the ample market ready numbers for leverage to secure supplies ahead of the holiday slowdown. National direct barrows and gilts were $.15 lower with a price range $53 to $56.75 and a weighted average of $54.95. Both the Iowa/Southern Minnesota direct market and Western Corn Belt had weighted averages of $54.96. Red Oak, Iowa was $3 higher at $48 and the Walker Sale Barn had no recent comparison at $48 to $57. Dorchester, Wisconsin and Garnavillo, Iowa were closed.

The pork carcass cutout value was $.13 higher at $89.82. Butts and bellies were sharply higher, with loins, picnics, and ribs up modestly, while hams were sharply lower. The estimated hog slaughter was 479,000 head, down 1,000 on the week and 8,000 on the year, with the initial estimates for Saturday’s slaughter also down on the week and the year.