Market News
Hog futures up on cash, wholesale business during session
Chicago Mercantile Exchange live cattle futures were mixed on spread trade and profit taking. June live was up $.20 at $137.75 and August was down $.50 at $136.30.
Feeder cattle were sharply lower on profit taking and the higher move in corn. August was down $1.97 at $171.30 and September was $1.87 lower at $173.22.
By Thursday afternoon, light direct cash cattle business had developed at $140 on the live basis in the south, up $1 to $4 from most of the week’s activity, with much lighter live trade in the north at $145 to $148. Dressed sales in Nebraska were at $230. Asking prices for what’s left on the show list are around $140+ live and $232+ dressed, with some clean-up activity still possible ahead of the holiday weekend. The week’s business has been light to moderate, mainly at $136 to $140 live, steady to $4 higher than last week, and $223 to $236 dressed, mostly $230, up $4 on the week.
Boxed beef closed lower with heavy movement. Choice was down $1.06 at $267.16 and Select was $.30 lower at $245.38. The estimated cattle slaughter of 127,000 head, up 1,000 on the week and 6,000 on the year.
At the Winter Livestock Auction feeder cattle sale in Kansas, compared to the previous week, feeder steers weighing 725 to 900 pounds were $5 to $10 higher with the USDA reporting an “outstanding offering” of fancy feeder steers, but not enough 500 to 725 pounders for a test. Feeder heifers weighing 800 to 900 pounds were $3 to $4 higher, with not enough 500-to-800-pound heifers for a test, but with a lower undertone. The USDA says demand was good overall, with receipts down on the week, but up on the year. Medium and Large 1 feeder steers weighing 800 to 900 pounds sold at $166.25 to $183 with 900-to-1,000-pound steers at $158.50 to $170.10. Medium and Large 1 feeder heifers weighing 650 to 760 pounds brought $142 to $151 with 800-to-900-pound heifers at $132 to $144.75.
Lean hog futures were higher, supported by the steady to higher cash during the session and the big midday gain in pork. July was up $1.30 at $109.57 and August was $1.70 higher at $106.02.
Cash hogs closed steady to lower with light moderate closing negotiated numbers for the major direct markets. Those major direct markets were up at midday, but that seemed to move enough of the needed near-term numbers, allowing buyers to shift to lower bids by the close.
National direct barrows and gilts closed $2.52 lower with a base price range oof $103.01 to $123 for a weighted average of $117.34, while Iowa/Southern Minnesota was down $.45 at $120.82 and the Western Corn Belt was $.75 lower at $120.57. Butcher hogs at the Midwest cash markets were steady to $2 higher at $73 to $74. Illinois direct sows were steady at $42 to $54 on light demand for light offerings. Barrows and gilts were unchanged at $71 to $80, also on light demand for light offerings. Boars ranged from $10 to $50.
Pork closed $5.57 higher at $111.36. All primal cuts were firm to sharply higher, including a $10.48 gain for bellies. The estimated hog slaughter of 466,000 head, down 10,000 on the week and 15,000 on the year.
