Hog futures continue downward slide

Hog futures continue downward slide

At the Chicago Mercantile Exchange, live cattle were mixed, and feeders were mostly higher ahead of the week’s direct cash business.  Feeders found some additional support from the mostly lower move in corn. April live cattle closed $.40 higher at $162.52 and June lives closed $.62 higher at $156.10.  April feeders closed $.07 higher at $194.70 and May feeders closed $.40 higher at $199.55. 

It was another quiet day for direct cash cattle trade business on Tuesday.  Both bids and asking prices have been slow to surface this week.  There was a handful of deals reported on Monday in Kansas at $162 live and in Iowa at $266 dressed, but that’s not near enough to establish a trend.  Look for the bulk of the week’s business to take place in the back half of the week. 

At the Callaway Livestock Center in Missouri, steer calves 400 to 500 pounds were firm with spots of $5 higher, steers 550 to 600 pounds were $5 to $10 lower giving back last week’s gains on the very active market.  Steers 600 to 650 pounds were $2 to $5 lower, and steers 650 to 750 pounds sold steady to firm.  Feeder heifers 400 to 550 pounds were firm to $5 higher with the most advance on the 450 to 550 pounds heifers, 550 to 600 pounds were mostly steady, and heifers 600 to 700 pounds were $8 to $10 lower.  The USDA says demand was good on a moderate supply with more fall calves in the offering.  The market remains very active despite the lower prices.  Receipts were up on the week and down on the year.  Feeder supply included 50% steers and 47% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 550 to 586 pounds brought $225 to $238.50 and feeder steers 655 to 684 pounds brought $205 to $214.  Medium and Large 1 feeder heifers 561 to 598 pounds brought $194.50 to $207 and feeder heifers 606 to 647 pounds brought $187.75 to $192. 

Boxed beef closed lower on light demand for moderate offerings.  Choice was $1.10 lower at $279.92 and Select was $2.39 lower at $271.55.