Market News
Cattle, hog futures move higher to close week
Chicago Mercantile Exchange live and feeder cattle futures were higher with boxed beef up at midday. August live was $.27 higher at $136.45 and October was up $.40 at $142.22. August feeders were $1.15 higher at $178.57 and September was up $1.35 at $181.55.
Direct cash cattle trade was quiet Friday with the week’s business pretty well wrapped up before the day started. This week, Southern live deals have come in mostly at $135, $1 lower than last week’s weighted averages. Northern dressed trade has mostly been at $225, $2 lower than last week’s weighted average in Nebraska.
Boxed beef closed higher with moderate box movement. Choice is up $1.47 at $269.24 and Select is $1.44 higher $242.25.
For the week in Oklahoma, compared to last week, feeder steers and heifers sold $4 to $6 higher. USDA says demand was moderate to good for feeder cattle but was moderate to light for calves due to heat. Feeder supply includes 60 percent steers and 70 percent of the offering was over 600 pounds. Medium and Large 1 feeder steers weighing 706 to 749 pounds brought $146 to $180 and feeder steers from 850 to 899 brought $136 to $175.50. Medium and Large 1 feeder heifers weighing 600 to 648 pounds brought $137 to $177 and feeder heifers from 650 to 698 pounds brought $134 to $169.
Estimated cattle slaughter is 124,000 head, up 5,000 on the week and 11,000 on the year.
Lean hog futures were supported by commercial buying and most contracts’ discount to the cash index. August was up $1.52 at $120.65 and October was $.90 higher at $97.22.
Cash hogs closed lower. Many buyers slowed their procurement efforts to close the week after pushing up bids to secure the needed numbers Wednesday. Supplies remain tight in much of the region.
Barrows and gilts at the National Daily Direct closed $2.51 lower for a weighted average of $117.08; the Iowa/Minnesota had a weighted average of $119.46; the Western Cornbelt had a weighted average of $121.02; the Eastern Cornbelt was not reported due to confidentiality.
Butcher hogs at the Midwest cash markets were steady at $75.
At Illinois, slaughter sow prices were steady 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.
Pork values closed lower, down $1.45 at $127.34. Butts, loins, and bellies were lower; hams, ribs, and picnics were higher.
Friday’s estimated hog slaughter is 437,000 head, up 2,000 on the week and 13,000 on the year.
