Livestock futures lower on higher grains
Chicago Mercantile Exchange live and feeder cattle futures were lower, with feeders leading the way down on the higher move in corn. August live was down $.87 at $136.87 and October was $.97 lower at $142.37. August feeders were $1.87 lower at $177.42 and September was down $2.25 at $180.42.
A light direct cash cattle trade developed Tuesday in parts of Texas at $135, $1 lower than last week’s weighted average. The bulk of the week’s business will likely come Wednesday or later. Asking prices remain around $138 in the south but are not yet established in the north.
Boxed beef closed mixed with moderate to heavy movement. Choice was $1.00 higher at $269.11 and Select was $1.12 lower at $243.88.
The estimated cattle slaughter of 125,000 head was unchanged on the week and up 6,000 on the year.
At the Joplin Regional Stockyards in Missouri, compared to last week, feeder steers under 750 pounds were $2 to $6 higher with heavier weights trading steady. Feeder heifers were $4 to $7 higher. According to USDA supply was moderate with very good demand. Supply included 59 percent feeder steers and 58 percent of the offering was over 600 pounds. Medium and Large 1 feeder steers weighing 601 to 648 pounds brought $181 to $196 and feeder steers from 700 to 748 pounds brought $170 to $184. Medium and Large 1 feeder heifers weighing 550 to 596 pounds brought $166 to $175 and heifers from 600 to 649 pounds brought $160 to $173.50.
Lean hog futures were modestly lower on long-term demand uncertainties and the lower midday pork. August was down $.25 at $116.97 and October was $.47 lower at $93.65.
Cash hogs closed sharply higher Tuesday. Most buyers raised bids to move the needed, tighter, market ready numbers, following through on the pattern of the last few weeks. Barrows and gilts at the National Daily Direct are $7.56 higher for a weighted average of $124.75; the Iowa/Minnesota has a weighted average of $125.77; the Western Cornbelt has a weighted average of $126.65; the Eastern Cornbelt closed with a weighted average of $122.48.
Pork values closed $1.05 lower at $126.77. Butts, loins, ribs, and bellies are lower; hams are higher.
The estimated hog slaughter of 467,000 head was 7,000 more than last week, but 5,000 less than last year.