Market News
Hog, cattle futures end the week mixed
At the Chicago Mercantile Exchange, live cattle were mixed and feeders were mostly lower adjusting spreads. April live cattle closed $.70 lower at $146.17 and June live cattle closed $.47 lower at $141.12. March feeder cattle closed $.50 lower at $166.22 and April feeder cattle closed $1.05 lower at $170.70.
It was a quiet end to the week for direct cash cattle trade activity following a couple of back-to-back days of light to moderate business. There were just a handful of dressed deals at $224 reported on Friday. Dressed deals this week have ranged from $222 to $227, mostly $224, about $2 to higher than the prior week’s weighted average basis in Nebraska. Live business has ranged from $138 to mostly $140, generally steady with the previous week’s weighted averages.
At the Mobridge Livestock Exchange in South Dakota, the best test was on steers 650 to 700 pounds and heifers 550 to 600 pounds, they were $5 to $10 higher. The USDA says demand was good to very good for all weight classes of the day’s very large offering. There were many load lots offered. Flesh varied from light to heavy at times. Quality was mostly attractive and the market was active. Receipts were up significantly on the year. Feeder supply included 68% steers and 86% of the offering was over 600 pounds. Medium and Large 1 feeder steers 705 to 730 pounds brought $170 to $181.50 and feeder steers 800 to 845 pounds brought $157.50 to $168.25. Medium and Large 1 feeder heifers 560 to 595 pounds brought $169.50 to $170 and feeder heifers 650 to 695 pounds brought $158 to $166.
At the Missouri Hay Market, the weather is increasing hay interest, but overall demand is light to moderate. The best demand is for smaller volume interest from producers who want a few small squares or a round bale toe set out. Supplies are ample and prices are mostly steady. Alfalfa, supreme medium squares brought $200 to $250. Alfalfa, supreme small squares brought $8 to $12 per bale. Alfalfa, premium, medium squares brought $160 to $200. Alfalfa, good, large rounds brought $120 to $160. Alfalfa, good, small squares brought $5 to $9 per bale. Alfalfa/grass mix, good/premium small squares brought $6 to $8.
Boxed beef closed lower on light demand for light offerings. Choice closed $.30 lower at $274.52 and Select closed $1.12 lower at $267.83. The Choice/Select spread is $6.69. Estimated cattle slaughter is 120,000 head – up 6,000 on the week and up 13,000 on the year. Saturday’s estimated kill is 51,000 head – up 5,000 on the week and up 11,000 on the year.
Lean hog futures closed mixed on spread adjustments. April lean hogs closed $1.20 lower at $102.22 and May lean hogs closed $1.30 lower at $106.40.
Cash hogs were mostly lower with a moderate negotiated run. Processors continue to move their desired numbers without having to aggressively bid up. The industry continues to monitor the availability of market-ready barrows and gilts. Demand for US pork on the global market and domestically has been strong, helping to provide some price support. Barrows and gilts at the National Daily Direct closed $.28 lower with a base range of $74 to $93 and a weighted average of $82.36; the Iowa/Minnesota closed $.31 lower with a weighted average of $90.38; the Western Corn Belt closed $.48 higher with a weighted average of $90.32. Prices at the Eastern Corn Belt were not reported due to confidentiality.
According to the USDA’s weekly feeder pig report, all early-weaned pigs were $7 higher. All feeder pigs were $8 higher. Demand was moderate for light to moderate offerings. Receipts included 38% formulated prices. The weighted average for all early-weaned pigs was $74.08 and the weighted average for all feeder pigs was $112.10.
Butcher hog prices at the Midwest cash markets are steady at $57.
Pork values closed sharply higher– up $8.48 at $109.96. Hams, butts, loins, bellies, and picnics were higher to sharply higher. Ribs were lower. Estimated hog slaughter is 474,000 head – up 44,000 on the week and down 7,000 on the year. Saturday’s estimated kill is 144,000 head – down 68,000 on the week and down 64,000 on the year.
