Chicago Mercantile Exchange live cattle contracts settled unchanged to 50 higher on short covering ahead of the weekend and buy stops. Futures traded mostly lower in a very quiet market in the morning, but buying activity improved pushing contracts higher. August settled 47 points higher at 84.65, and October was up 35 at 88.55. Boxed beef cutout values were steady to weak on light to moderate demand and moderate offerings. Choice boxed beef was .16 higher at 141.29 and select was down .43 at 134.70.
Feeder cattle settled 10 to 65 points higher on support from the higher values in the live pit short covering and forward positioning. August finished 65 higher at 100.70, and September was up 30 points at 100.20.
Feeder cattle receipts at Missouri auctions this week totaled 18,913 head. Feeder steers and heifers were steady to 3.00 lower, with the decline on weights over 600 pounds. Demand and supply was moderate to light. Feeder steers medium and large 1 averaging 628 pounds traded at 107.15 per hundredweight. 672 pound heifers averaged 97.60.
The weekly cattle slaughter was estimated at 643,000 head, 16,000 more than last week, but 44,000 less than last year. Trading and demand was moderate in the Southern Plains on Friday, compared to last week live sales sold 1.00 higher at 82.00. A few sales in Kansas were 1.00 higher on a dressed basis at 130.00. Trading was moderate to active in Nebraska with moderate to good demand. Compared to last week live and dressed sales were steady at 81.00 to 82.00 and 130.00. Trading and demand was moderate in Colorado, with live sales 1.00 higher from 82.00 to 82.50. Most trade regions should have good clean-up this week.
Barrows and gilts were lightly traded at the terminals at steady to 1.00 lower from 24.00 to 29.00 on a live basis. The Missouri direct base carcass meat price was steady to 2.00 lower from 38.00 to 40.00. Iowa/Minnesota hogs closed .73 higher at 46.29 on a carcass basis, the West was up .70 at 46.50, and the East was .89 higher at 45.67. The weekly hog slaughter was estimated at 2,240,000, 154,000 more than last week, and 96,000 more than last year. Slaughter levels continue high and weights are heavy now. The pork carcass cutout value hit a new multi year low on Thursday. Monday’s markets are expected to be mixed.
Lean hogs settled 32 points higher to 75 lower. The rally in hogs on Thursday that everyone was so excited about seemed to leave nothing but disappointment for most of the followers on Friday afternoon, according to DTN’s Rick Kment. August expired at noon at 49.12 up 32 points and October was down 75 at 44.65.Pork trading was slow, with light demand and mostly heavy offerings. Pork carcass cutout value was up.21 at 52.52.
Pork bellies settled 2 to 72 points lower with selling pressure returning to the market on Friday. August had traded as much as 200 points lower but recovered some near the close, it was the first time in nearly two weeks where the front month didn’t post a triple digit loss. August was down 50 points at 40.00, and February was 72 lower at 78.42.
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