Cattle, hog futures mostly lower watching cash trade
Live cattle were mostly lower, waiting to see how much direct business is left to be done, and feeders were pressured by the higher move in corn. August live was down $.62 at $136.17 and October was $.50 lower at $141.82. August feeder cattle were $1.67 lower at $177.42 and September was down $1.65 at $180.20.
Direct cash cattle trade was quiet on Thursday with the bulk of the week’s business likely wrapped up. Asking prices for cattle left on showlists is $136 plus in the South and $226 plus in the North. This week’s deals have been marked $1 lower than last week’s weighted averages in the South at $135, and Northern dressed deals have mostly been at $225, $2 lower than last week’s weighted average basis in Nebraska.
Boxed beef closed lower Thursday. Choice was $.22 lower at $267.77 and Select was $1.00 lower at $240.81.
At the Winter Livestock Auction in Pratt, Kansas, compared to last week, feeder steers from 800 to 950 pounds sold $4 to $7 higher; feeder heifers from 800 to 950 pounds sold $3 to $5 higher. USDA says demand was good with receipts up on the week and year. Feeder supply included 65 percent steers and 93 percent of the offering was over 600 pounds. Medium and Large 1 feeder steers weighing 814 to 840 pounds brought $148 to $155 and feeder steers from 872 to 881 pounds brought $163.75 to $170. Medium and Large 1 feeder heifers weighing 709 to 737 pounds brought $156.50 to $163 and feeder heifers from 853 to 865 pounds brought $149 to $152.50.
Estimated cattle slaughter is 121,000 head, down 2,000 on the week but up 1,000 on the year.
Lean hogs were mostly lower on spread trade and the steady to sharply lower cash during the session. August was up $.52 at $119.12 and October was down $.12 at $96.32.
Cash hogs closed sharply lower. Many buyers have slowed their procurement efforts on the day after pushing up bids to secure the needed near-term numbers Wednesday. Supplies remain tight in much of the region.
Butcher hogs at the Midwest cash markets were steady at $75.
At Illinois, slaughter sow prices were $3 higher ranging from $58 to $70 with moderate demand for moderate offerings. Barrow and gilt prices came in steady at $74 to $83 on moderate demand for moderate offerings.
Barrows and gilts at the National Daily Direct are $10.86 lower with a base range of $115 to $130 for a weighted average of $119.59; the Eastern Cornbelt has a weighted average of $118.85; the Western Cornbelt closed with a weighted average of $127.49; the Iowa/Minnesota was not reported due to confidentiality;
Pork values closed higher, up $2.00 at $128.79.
Thursday’s estimated hog slaughter was 460,000 head, up 19,000 on the week but down 10,000 on the year.