Live cattle mixed heading into Friday
At the Chicago Mercantile Exchange, live cattle ended the day mixed and feeders were lower, watching corn and the direct cash markets. June live cattle were unchanged at $131.50 and August feeder cattle closed $.60 lower at $165.20.
It was a quiet Thursday for direct cash cattle trade activity with just a handful of deals reported. It looks like the bulk of the week’s business has wrapped up, however, some cleanup trade could take place before the end of the day Friday. For the week, Southern live deals have had a range of $136 to $138, mostly $138, $2 lower than last week’s weighted averages. Northern dressed deals have had a range of $223 to $228, mostly $226, about $3 lower than last week’s weighted average basis in Nebraska.
At the Huss Livestock Market in Nebraska, compared to last week steers were steady to $5 lower and heifers were $4 to $6 lower. The USDA says demand was moderate for calves and feeders. There was good demand for pairs. Overall, the quality wasn’t as attractive as the previous week’s offering. Receipts were down on the week and the year. Feeder supply included 42% steers and 76% of the offering was over 600 pounds. Medium and Large 1 feeder steers 802 to 821 pounds brought $153.50 to $154 and feeder steers 850 to 895 pounds brought $145.50 to $149.25. Medium and Large 1 feeder heifers 753 to 798 pounds brought $141 to $145.25 and feeder heifers 802 to 840 pounds brought $138 to $144.
Boxed beef ended the day higher with moderate demand for light offerings. Choice closed $1.23 higher at $261.70 and Select closed $.04 higher at $246.06. The Choice/Select spread is $15.64. Estimated cattle slaughter 125,000 head – up 1,000 on the week and up 5,000 on the year.
Lean hog futures ended the day lower on profit-taking. June lean hogs closed $.80 lower at $105.30 and July lean hogs closed $1.55 lower at $106.97.
Cash hog closed mixed with a solid negotiated run. Processors didn’t have to get too aggressive in their procurement efforts to move their desired numbers. The industry continues to monitor the availability of market-ready hogs. Demand for US pork on the global market has been strong, helping provide price support. Barrows and gilts at the National Daily Direct closed $1.18 lower with a base range of $98 to $117 and a weighted average of $110.51; the Iowa/Minnesota closed $.29 higher with a weighted average of $113.58; the Western Corn Belt closed $.40 lower with a weighted average of $113.59; the Eastern Corn Belt closed $1.14 lower with a weighted average of $106.22.
Butcher hog prices at the Midwest cash markets are steady at $68. At Illinois, slaughter sow prices were $3 lower with light to moderate demand for light to moderate offerings at $55 to $67. Barrows and gilts were steady with light to moderate demand for light to moderate offerings at $65 to $74. Boars ranged from $40 to $50 and $5 to $15.
Pork values closed weak – down $.15 at $103.46. Picnics were sharply lower. Butts were lower. Bellies, hams, loins, and ribs were all higher. Estimated hog slaughter 473,000 head – up 1,000 on the week and down 6,000 on the year.