Market News
Live cattle futures higher on Tuesday
At the Chicago Mercantile Exchange, live cattle ended the day higher, feeders were mostly lower watching the week’s direct cash business develop. August live cattle closed $.20 higher at $134.07 and October live cattle closed $.22 higher at $140.15. August feeder cattle closed $.02 lower at $171.30 and September feeder cattle closed $.25 lower at $173.35.
There was a very light direct cash cattle trade reported on Tuesday. Live deals in Texas were at $136. There were also a few bids that surfaced at $227 dressed in the North. Asking prices held at $138 to $140 live in the South and $230-plus dressed in the North, those will likely be restated on Wednesday. Look for more business to develop over the balance of the week.
At the Callaway Livestock Center in Missouri, compared to last week’s heavy sale and very active market, steer calves 400 to 450 pounds were $2 to $4 lower, and steers 450 to 650 pounds were mostly $5 to $10 lower. A potload of 890-pound steers sold nearly $10 lower. Feeder heifers 400 to 500 pounds were $4 to $8 lower, and heifers 500 to 600 pounds were mostly $12 to $15 lower. Heifers over 600 pounds sold with a lower undertone. Receipts were down on the week and down slightly on the year. Feeder supply included 62% steers and 34% of the offering was over 600 pounds. Medium and Large 1 feeder steers 554 to 596 pounds brought $184 to $198 and feeder steers 892 pounds brought $155.50. Medium and Large 1 feeder heifers 503 to 539 pounds brought $163.50 to $171 and feeder heifers 553 to 556 pounds brought $160 to $161.
Boxed beef closed lower with light demand on moderate supplies. Choice closed $1.10 lower at $269.55 and Select closed $.63 lower at $246.82. The Choice/Select spread is $22.62. Estimated cattle slaughter is 122,000 head – down 4,000 on the week and even on the year. Monday’s hog slaughter has been revised to 120,000 head.
Lean hog futures closed mixed, adjusting spreads. July lean hogs closed $.05 lower at $106.62 and August lean hogs closed $.85 lower at $103.55.
Cash hogs closed sharply higher with a huge negotiated run. Processors started the day aggressively bidding up to move their desired numbers. Demand for US pork on the global market has been strong and that’s helping provide price support. The industry continues to monitor the availability of market-ready hogs. Barrows and gilts at the National Daily Direct closed $6.09 higher with a base range of $111 to $122 and a weighted average of $119.25; the Iowa/Minnesota closed $3.26 higher with a weighted average of $121.02; the Western Corn Belt closed $4.11 higher with a weighted average of $120.89. Prices at the Eastern Corn Belt were not reported due to confidentiality.
Butcher hog prices at the Midwest cash markets are steady at $74. At Illinois, slaughter sow prices were $1 lower with light demand for light offerings at $43 to $55. Barrows and gilts were $3 higher with light demand for moderate offerings at $71 to $80. Boars ranged from $45 to $50 and $10 to $15.
Pork values closed lower – down $2.71 at $108.67. Bellies, loins, hams, and ribs were all lower to sharply lower. Picnics and butts were firm to higher. Estimated hog slaughter 474,000 head – down 5,000 on the week and down 12,000 on the year. Monday’s hog slaughter has been revised to 460,000 head.
