Cattle futures finish the week lower
At the Chicago Mercantile Exchange, live and feeder cattle were lower on technical selling. August live cattle closed $1 lower at $136.20 and October live cattle closed $.67 lower at $141.97. August feeder cattle closed $1.55 lower at $174.47 and September feeder cattle closed $1.32 lower at $176.05.
There was a light to moderate direct cash cattle trade that took place on Friday. Live deals were reported in parts of the South at $137, $1 higher than the rest of the week’s business and $2 higher than the prior week’s weighted averages. Live deals earlier in the week were marked at $136, $1 higher than the previous week’s weighted averages. Northern dressed deals were marked at mostly $225 to $226, $3 to $4 higher than the prior week’s weighted average basis in Nebraska.
At the Ogallala Livestock Auction in Nebraska, the USDA says demand was good on a good selection offered of feeders and grass cattle. Receipts were up from the most recent sale and down on the year. Feeder supply included 54% steers and 74% of the offering was over 600 pounds. Medium and Large 1 feeder steers 603 to 647 pounds brought $191.50 to $201 and feeder steers 854 to 893 pounds brought $161.50 to $171.50. Medium and Large 1 feeder heifers 651 to 699 pounds brought $169.50 to $190 and feeder heifers 781 to 783 pounds brought $155 to $160.50.
In Missouri, weather has pushed hay harvest back some and it’s running slightly below the five-year average. There is more hay offered around the state as supplies slowly grow with harvest. Supply is moderate and demand is light. Prices are steady to firm. Alfalfa, supreme, medium squares brought $225 to $275. Alfalfa, supreme, small squares brought $8 to $12 per bale. Alfalfa, premium, medium squares brough $175 to $225. Alfalfa, good, large rounds brought $120 to $180. Alfalfa, good, small squares brought $5 to $9. Alfalfa, fair, large rounds brought $100 to $125. Alfalfa/grass mix, premium small squares brought $6 to $8. Mixed grass, good/premium, large rounds brought $80 to $140. Mixed grass, fair/good, large rounds brought $60 to $100. Mixed grass, fair/good, small squares brought $4 to $6. Mixed grass, fair, large rounds brought $25 to $55.
Boxed beef closed mixed with light to moderate demand on moderate offerings. Choice closed $.22 higher at $271.32 and Select closed $.72 lower at $248.89. The Choice/Select spread is $22.43.
Estimated cattle slaughter 124,000 head – down 2,000 on the week and up 5,000 on the year. Saturday’s estimated kill is 47,000 head – down 49,000 on the week and down 23,000 on the year.
Lean hog futures were mostly higher, supported by the higher midday pork. July lean hogs closed $.47 higher at $105.47 and August lean hogs closed $.65 higher at $103.75.
Cash hogs closed lower with a light negotiated run. The industry continues to monitor the availability of market-ready hogs. Processors weren’t aggressive in their procurement efforts and didn’t have to bid up to move their desired numbers. Overall, demand for US pork has been relatively strong on the global market, but there are long-term demand concerns and that puts some pressure on prices.
Barrows and gilts at the National Daily Direct closed $2.69 lower with a base range of $109 to $120 and a weighted average of $115.30; the Iowa/Minnesota closed $1.84 lower with a weighted average of $118.60; the Western Corn Belt closed $3.16 lower with a weighted average of $117.36. Prices at the Eastern Corn Belt were not reported due to confidentiality.
According to the USDA’s Feeder Pig Report, early-weaned pigs were steady. Feeder pigs were $5 lower. Demand was moderate on moderate offerings. Total Composite cash range for early-weaned pigs was $23 to $52.50 and a weighted average of $41.07. Total Composite formula range was $32.42 to $48.59 and a weighted average of $42.24. The weighted average for early-weaned pigs was $41.65 and the weighted average for all feeder pigs was $67.67.
Butcher hogs at the Midwest cash markets are steady at $69.
At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $44 to $56. Barrows and gilts were steady with light demand for moderate offerings at $68 to $77. Boars ranged from $45 to $50 and $10 to $15.
Pork values closed firm – up $.07 at $108.16. Bellies were sharply higher. Hams and butts were higher. Picnics, loins, and ribs were lower to sharply lower.
Estimated hog slaughter 446,000 head – down 32,000 on the week and down 7,000 on the year. Saturday’s estimated kill is 19,000 head – down 126,000 on the week and down 31,000 on the year.