Market News

Cattle buyer inquiry improved but no sales reported

The cash cattle market was not tested on Wednesday with feedlot managers passing bids of 119.00 to 120.00, 1.00 to 2.00 lower than last week. Asking prices are around 123.00 live and 194.00 dressed. One major was willing to call in at 191.00 to 192.00 in Eastern Nebraska and Western Iowa in the morning, but found no interest from producers at that time. Wednesday’s kill was estimated at 130,000 cattle, the same as last week and last year.

Boxed beef values were firm to higher on moderate to good demand and moderate offerings. Choice boxed beef was .66 higher at 187.45, and select was up .98 at 169.54.

Chicago Mercantile Exchange live cattle contracts settled 50 to 167 points lower. The choppiness of the stock market over the last several days as well as widespread general commodity pressure led the deferred futures moderately lower despite firming fundamental support. The pressure through the summer of next year seems to also indicate concern about long term beef demand, despite expectations of tighter supplies. October settled 12.05 lower at 121.05, and December was down 1.55 at 120.42.

Feeder cattle followed the lead of the live pit and ended mostly lower. The front months received some support from the lower corn futures market. October was up .07 at 139.72, and November was down only .10 at 141.70.

Feeder cattle receipts at the Ozark’s Regional Stockyards at West Plains. Missouri totaled 4026 head on Tuesday. Compared to last week, steers and heifers sold steady to 2.00 higher, with most high quality 3 to 4 weight hard weaned steers calves and high quality bunches of 450 to 550 pound steers 2.00 to 5.00 higher and the majority of better quality heifers over 600 pounds sold 2.00 to 4.00 higher. The supply was moderate to heavy and demand was uneven. Feeder steers medium and large 1 averaging 516 pounds brought 153.72. 520 pound heifers traded at 127.47 per hundredweight.

Lean hogs settled 82 to 150 points lower the combination of sharply lower grain markets, pressure in the cash markets and the lower pork values yesterday creating widespread liquidation through the complex. The most significant losses were seen in the deferred contracts. December settled .82 lower at 87.02 and February was down 1.50 at 89.65.

Pork trading was slow to moderate, with light demand and mostly moderate offerings. Pork carcass value was down .89 at 96.54.

The hog market activity was slow with light demand on Wednesday. Barrows and gilts in the Iowa/Minnesota direct trade closed 1.30 lower at 87.37 on a carcass basis, the West was down 1.07 at 87.15, and the East was 1.12 lower at 89.29. Missouri direct base carcass meat price closed steady from 83.00 to 87.00. Butcher hogs at the terminals were mostly 1.00 to 2.00 lower from 59.00 to 65 live.

Wednesday’s hog slaughter was estimated at 429,000 head, 1,000 less than last week, but 6,000 greater than last year. Most packers have ample numbers of hogs for delivery to finish out the week and are bidding for Monday starters. Prices look weak to lower through Friday.

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