Hog futures pressured as demand concerns continue

Hog futures pressured as demand concerns continue

At the Chicago Mercantile Exchange, live and feeder cattle were higher ahead of the bulk of the week’s cash business.  October live cattle closed $.77 higher at $180.82 and December lives closed $.52 higher at $184.80.  September feeders closed $.65 higher at $253.27 and October feeders closed $.80 higher at $256.02. 

There was a light direct cash cattle business that took place on Thursday.  Live deals in the South were at $179, mostly steady with the previous week’s business.  However, dressed deals in the North were about $3 below the prior week’s weighted average basis in Nebraska at mostly $290, with a few marked at $293.  Look for more business to develop before the end of the day Friday. 

At the Farmington Regional Stockyards in Missouri, steers and heifers were anywhere from $4 to $10 higher.  The USDA says demand was good and supply was moderate.  Receipts were up from the previous week and down on the year.  Feeder supply included 46% steers and 28% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 455 to 497 pounds brought $280 to $300 and feeder steers 622 to 631 pounds brought $285 to $289.  Medium and Large 1 feeder heifers 561 to 596 pounds brought $269 to $271 and feeder heifers 750 to 782 pounds brought $217 to $233. 

Boxed beef closed lower on light demand for moderate offerings. 

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