Market News

Cattle continue to trade

A light to moderate cattle trade was evident in parts of the North on Friday afternoon with dressed sales in a fairly wide range from 253.00 to 260.00. The top end of the spending would be 2.00 to 7.00 higher than Wednesday and generally steady with last week. The weekly kill was estimated 544,000 head, 11,000 greater than last week, but 46,000 less than last year.

Boxed beef cutout values were sharply lower on light demand and moderate offerings. Choice beef was down 3.02 at 256.99, and select was 3.42 lower at 247.62.

March placements in the cattle on feed report were 100% of a year ago, early estimates were at 95.9%. Marketing’s in March at 98% of 2014 the same as pre-report estimates. Total cattle on feed at 100% of a year ago versus the estimate by private analysts of 99%. The report turned out to be slightly negative.

Chicago Mercantile Exchange live cattle contracts settled 125 to 217 points higher. Live issues opened lower, but it didn’t take long before bulls reassembled to fund another round of triple digit gains. Support came from short-covering and technical buying. April settled 1.87 higher at 161.17, and June was up 2.17 at 151.20.

Feeder cattle ended the session 57 to 3.00 points higher. The spot April contract lagged behind the cash index, the balance of the feeder pit once again exploded higher. The bullishness in the live pit was obviously supportive, but so was the corn market’s lackluster tone as well as decent spring rains over major grazing areas. April settled .57 higher at 214.85, and May was up 2.82 at 214.07.

Feeder cattle receipts at Missouri auctions totaled 27,052 head this week. Compared to the previous week, the bulk of the feeder offering sold 5.00 to 10.00 lower. The supply was moderate with lots of new crop fleshy calves in the offering. Many reporters continue to note that the overall quality of cattle is decreasing about as fast as the amount of grass grazing is increasing. Feeder steers, medium and large 1 averaging 568 pounds traded at 262.79 per hundredweight. 572 pound heifers averaged 228.24.

Lean hogs settled 2 to 112 points higher with most contracts holding moderate gains. Renewed enthusiasm in the cattle complex represented a positive factor. May was up .02 at 71.95and June was 1.12 higher at 79.45.

Barrows and gilts in the Iowa/Minnesota direct trade closed .97 higher at 64.74 weighted average on a carcass basis, the West was up .77 at 64.59, and the East was not reported due to confidentiality. Missouri direct base carcass meat price was 2.00 lower to 1.00 higher from 48.00 to 59.00. Midwest hogs on a live basis were not well tested with only Peoria showing hogs steady from 39.00 to 41.00.

The pork carcass cutout value was up .27 at 69.94 FOB plant.

Net pork export sales last week were impressive, up 40 percent from the previous week and 10 percent from the prior four week average.

The weekly hog kill was estimated at 2,184,000 head, 59,000 less than last week, but 193,000 more than last year.

 

Add Comment

Your email address will not be published.


 

Stay Up to Date

Subscribe for our newsletter today and receive relevant news straight to your inbox!