USDA Mandatory reported cattle trading was light to moderate in the Texas Panhandle and Kansas on light to moderate demand. Live sales were 2.00 lower than last week at 121.00. At mid-afternoon a light to moderate cattle business developed in the North, with most dressed sales $2.00 lower than last week at 193.00. Most of the dressed sales had been limited to regional buyers. A few cattle sold in Iowa at 122.00. The slaughter totaled 124,000 head, the same as last week, and 1,000 less than last year.
Boxed beef cutout values were higher on moderate demand and light to moderate offerings. Choice boxed beef was up 1.09 at 195.37, and select was .61 higher at 187.65.
Live cattle futures settled 60 to 177 points lower on the Chicago Mercantile Exchange on Wednesday. There was some recovery near the end of the session as nearby contracts had been posting losses of $2.00 per hundredweight or greater on concerns of sharply lower outside market pressure, while higher corn prices are adding to production costs. Fundamentals had little to say in the direction of the market with noncommercial or investment activity taking control of the market direction according to Rick Kment at DTN. June settled 1.55 lower at 117.80, and August was down 1.77 at 119.50.
Feeder cattle ended the session10 to 170 points lower in an extremely light trade. The tone of the market turned weak following the triple digit losses in the live pit as well as the strong rally in the corn. May settled .10 lower at 152.42, and August was down 1.65 at 158.47.
Feeder cattle receipts at the Ozarks Regional Stockyards at West plains, Missouri totaled 5253 head. Compared to last week, steer and heifer calves were unevenly steady to 2.0-0 lower, although larger uniform bunches of top end quality were steady to 2.00 higher, some instances of 5.00 better. Yearling steers over 650 lbs. were firm to mostly 2.00 higher, yearling heifers over 600 lbs. were mostly 2.00 to 3.00 higher. The supply was moderate to heavy. Feeder steers medium and large 1 weighing 531 lbs. average 188.38 per hundredweight. 573 lb. heifers averaged 171.98.
Lean hogs settled 20 points higher to 1.40 lower. The lean contracts were pressured by the outside markets and spillover weakness from the cattle contracts. The higher than expected stocks of pork in the Cold Storage report yesterday along with the lower pork cutout value also pressured hog futures. Deferred contracts ended higher and support there could signal renewed buyer interest through the end of the week. June settled 1.40 lower at 84.42, and July was down .60 at 85.55.
There was slow to moderate market activity with slow to moderate demand in the hogs on Wednesday. Barrows and gilts in the Iowa/Minnesota direct trade closed 1.15 higher at 84.41 on a carcass basis, the West was up 1.10 at 84.29, and the East was 1.46 lower at 80.49. Missouri direct base carcass meat price closed 1.00 to 6.00 higher from 77.00 to 81.00. Terminal hogs were steady to 1.00 lower from 55.00 to 57.00.
Pork trading was slow to moderate, with mostly light demand and light to mostly moderate offerings. Pork carcass cutout value was down .96 at 78.64.
Wednesday’s hog kill was estimated at 417,000 head, 3,000 more than last week and last year. The monthly cold storage report released on Tuesday confirmed aggressive stockpiling of red meat through April, a very bearish measurement of spring demand.
© Copyright 2012 Brownfield, All rights Reserved. Written For: Brownfield
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