Market News
Hogs higher on the day’s cash strength
Chicago Mercantile Exchange live cattle futures were mixed, watching direct cash business, and feeders were supported by technical buying. August live was down $.07 at $136.80 and October was $.05 lower at $142.32. August feeders were up $1.67 at $179.10 and September was $1.42 higher at $181.85.
Direct cash cattle business is light. Trade is reported at $135 on the live basis in Kansas, $1 lower than last week’s weight average, and $225 dressed in Nebraska, down $2. There’s also some live trade in Nebraska at $138. Tuesday’s trade was light at $135 live, mostly in Texas. Asking prices are $136+ live and $227+ dressed, with bids at $135 and $142 live and $223 dressed. At the Fed Cattle Exchange, there were 12 lots totaling 1,422 head, with no sales reported.
Boxed beef closed lower on the day with choice down $1.12 at $267.99 and select is $2.07 lower at $241.81.
At the Kingsville Livestock Auction in Missouri, compared to last week, steers and heifers traded mostly steady with some trading $3 higher. USDA says demand was moderate to good for a moderate supply of weaned calves and some yearlings coming off grass. Slaughter cows sold steady; bulls sold $3 to $5 higher. Supply included 47% feeder steers and 49 percent of the offering was over 600 pounds. Medium and Large 1 feeder steers weighing 508 to 599 pounds brought $189 to $214 and feeder steers weighing 605 to 692 brought $177 to $204. Medium and Large 1 feeder heifers weighing 566 to 597 pounds brought $165 to $175 and feeder heifers weighing 650 to 698 brought $165.25 to $174
The estimated cattle slaughter of 125,000 head, up 1,000 on the week and 5,000 on the year.
Lean hog futures were up on technical buying and the steady to sharply higher cash during the session. August was up $1.62 at $118.60 and October was $2.80 higher at $96.45.
Cash hogs were higher on a strong negotiated run. Butcher hogs at the Midwest cash markets were steady at $75. Illinois direct sows were steady at $55 to $67 on moderate demand and offerings. Barrows and gilts were steady at $74 to $83 also with moderate demand for moderate offerings. Boars ranged from $10 to $55.
Barrows and gilts at the National Daily Direct closed $5.70 higher for a weighted average of $130.45; the Iowa/Minnesota closed with a weighted average at $132.03; Western Cornbelt closed with a weighted average of $132.21; the Eastern Cornbelt was not reported due to confidentiality.
Pork values closed slightly higher, up $.02 at $126.79. Butts up $4.59; picnics, and loins were higher. Ribs, hams, and bellies were lower.
The estimated hog slaughter of 468,000 head was an increase of 9,000 from a week ago and 1,000 from a year ago.
