Market News

Pork ends higher but beef was steady to weak

The cash cattle market remained untested with no bids evident. A few showlists are priced around 162.00 in the South and 252.00 to 255.00 plus in the North, Significant business will probably be delayed until at least Wednesday or Thursday. The kill totaled 115,000 head, 1,000 more than last week, and 7,000 less than last year.

Boxed beef cutout values were steady to weak on moderate to fairly good demand and moderate to heavy offerings. . Choice beef was up .01 at 238.03, and select was .38 lower at 226.45.

Live cattle contracts on the Chicago Mercantile Exchange settled 37 to 100 points lower. The trade was more concentrated on position adjustment rather than basing price shifts on fundamental market activity. Following gains on Monday when prices moved to new highs, traders appeared to be willing to square positions at the end of the month, and third quarter of the year. October settled .50 lower at 160.45, and December was down 1.00 at 163.47.

Feeder cattle settled unchanged to 77 points higher. Feeder contracts backed away from early gains as traders focused on the pressure in the live cattle futures. End of the month and quarter position squaring were the main features. October settled .77 higher at 235.42, and November was up .55 at 235.05.

Feeder cattle revised receipts at the Oklahoma National Stockyards totaled 6517 head on Monday. Compared to last week, feeder steers and heifers traded mostly 2.00 to 6.00 higher with the most advance being seen on 6 to 7 weight cattle. Steer and heifer calves trended mostly steady to 6.00 higher. The largest demand has been seen on larger packages of weaned cattle that are ready to be turned out. Feeder steers, medium and large 1, calves weighing 624 pounds averaged 240.22 per hundredweight. 668 pound heifers brought 234.14.

There was an active hog market, with moderate demand. Barrows and gilts in the Iowa/Minnesota direct trade closed .47 higher at 108.99 weighted average on a carcass basis, the West was up .36 at 108.54, and the East was .01 lower at 101.51. Missouri direct trade was not reported. Illinois direct trade hogs were steady with moderate demand for moderate offerings from 70.00 to 75.000. Midwest hogs on a live basis closed steady to an instance of 2.00 higher from 70.00 to 74.00.

Lean hogs settled 20 to 117 points higher with only December lower. The strong early gains faded slightly as traders were concerned on the lack of additional aggressive moves in the cash hog markets and general pressure in the live cattle complex. October settled .65 higher at 107.97, and December was down .32 at 94.52.

The pork carcass cutout value FOB plant closed 1.29 higher at 121.98. Bellies were over $8.00 higher.

The Tuesday hog slaughter at 424,000 head was 3,000 greater than last week, but down 11,000 from last year.

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