Chicago Mercantile Exchange live cattle futures were up modestly and feeders were down modestly, responding to the firm trade in corn with both pits also keeping an eye on beef demand and cash trade. April live was up $.55 at $127.97 and June was $.37 higher at $123.20. April feeders were down $.17 at $144.55 and May was $.52 lower at $146.57.
DTN reports light cattle business in most of the major states Wednesday. Live business was pretty much steady with last week, mostly at $127 to $128.50 with a few at $129 in western Nebraska and Colorado. There was very light dressed trade in Kansas at $203. Asking prices were around $129 to $130 in the South and $205 to $207 in the North. Widespread business will likely be Thursday or Friday.
Boxed beef cutout values were mixed on moderate demand and offerings. The Choice was up $.06 at $191.48 and Select was down $.61 at $188.61. The estimated cattle slaughter of 118,000 head was down 1,000 on the week and 6,000 on the year.
Lean hog futures were higher, supported by cash and expectations for seasonal improvements in pork demand. April was up $.37 at $81.32 and May was $.20 higher at $90.15.
Cash hog trade at midweek was steady to higher, with some packers scheduling for delivery next week as packers try to stay ahead of the seasonal tightening of market ready numbers. Saturday’s slaughter is projected at 120,000 head or more. The National Direct weighted average for barrows and gilts was $2.23 higher with the base price range at $67 to $79.75 for a weighted average of $76.75. The Eastern Cornbelt was up $1.55 at $72 to $76.50 with the average at $75.13, the Western Belt was $2.11 higher at $67 to $79.75 for an average of $78.69, and Iowa/Southern Minnesota was up $1.61 at $67 to $79.75 with the average at $78.69. Butcher hogs at the terminals were steady to a dollar higher at $49.50 to $54. The Missouri Direct base carcass meat price was steady at $68 to $73 with supply and demand both called light to moderate and sows steady at $48 to $63. Illinois direct sows were steady at $47 to $64 on moderate demand and offerings with boars at $10 to $35.
The pork carcass cutout value was down $.11 at $76.95 on slow trade with light demand and light to moderate offerings. The estimated slaughter of 425,000 head was 3,000 less than a week ago but 4,000 more than a year ago.