It was pretty much a stare down between packers and feedlot operators on Thursday afternoon, with both apparently satisfied to wait until Friday for significant trading of cattle. Packers remain cautious in the face of ugly processing margins. Feedlot managers remain confident thanks to board premiums and ideas of manageable supplies. Asking prices are around 126.00 to 127.00 in the South where there were a few bids of 121.00. Northern feeders are asking 203.00 and bids are at 195.00. The cattle slaughter was estimated at 125,000 head, 6,000 greater than last week, but down 1,000 from last year.
Boxed beef cutout values were steady to firm with the choice down .24 at 186.32, and select up .84 at 182.32.
Chicago Mercantile Exchange live cattle contracts settled 17 to 60 points lower. Cattle traded in a narrow range throughout the session. Traders looked for additional market interest to develop, but that did not happen. The trade looked for direction from the cash market and boxed beef values that were no better than mixed in the morning report. February and April were both down .60 with the front month at 125.17 and April at 128.20.
Feeder cattle settled 5 to 35 points lower and were very lightly traded in the nearby contracts. Live and feeder future looked for direction in both the grain and livestock markets, but light outside markets kept most traders on the sidelines looking for supportive news. March ended .12 lower at 155.15, and April was down .30 at 157.25.
Feeder cattle receipts at the Hub City Livestock Auction, Aberdeen, South Dakota totaled 4469 head on Wednesday. Compared to a week ago, feeder steers and heifers sold mostly steady. Many of the consignments were Charolais and Charolais cross. There was a very active market with strong demand. Feeder steers medium and large 1 weighing 722 pounds traded at 158.74 per hundredweight. 731 pound heifers brought 148.26.
Lean hogs settled 25 to 102 points in the black even though there was an absence of any additional market news. The expectation that overall market fundamentals may start to stabilize in the near term and additional commercial and noncommercial buyer support stepping into the market helped to drive additional interest into the nearby contracts. February settled 1.02 higher at 87.30, and April was up .70 at 89.65. Hog market activity was slow to moderate with light demand on Thursday.
Barrows and gilts in the Iowa/Minnesota direct trade closed 2.05 lower at 84.98 weighted averages on a carcass basis, the West was down 2.02 at 84.82, and the East was .56 lower at 80.94. Missouri direct base carcass meat price closed steady from 80.00 to 81.00. Terminal hogs were steady to an instance of 1.00 lower from 57.50 to 60.00.
Pork trading was slow with light to moderate demand and offerings. Pork carcass cutout value was .23 lower at 84.82.
Thursday’s hog kill was estimated at 420,000 head, 4,000 greater than a week ago, but the same as last year. Most packers have adequate hogs to carry them through the week and some into early next week. Cash hog bids are expected to be steady to weak through Monday.
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