Market News

A few cattle trade in the north

DTN reported a few cattle traded in parts of Nebraska on Thursday afternoon at 253.00 dressed basis, but for the most part business remained at a standstill. A few bids were reported in the South at 157.00 to 158.00 and 159.00 live in Iowa. Asking prices are around 161.00 plus in the South and 260.00 plus in the North. The kill totaled 115,000 head, 10,000 more than last week, but 6,000 less than 2014.

Boxed beef cutout values were lower on light demand and moderate offerings. Choice beef was down 1.65 at 256.90, and select was 2.01 lower at 244.05.

Chicago Mercantile Exchange live cattle contracts settled 12 to 130 points lower on Thursday. The market had narrow to moderate gains through the early trade, but quickly turned lower. Boxed beef prices at midday were significantly lower, and end of the month trade activity also had a significant impact on the ability for markets to erode at the end of the session. April settled 1.30 lower at 159.60, and June was down 1.20 at 149.70.

Feeder cattle ended 102 points higher to 50 lower. The moderate to strong early buyer support seen through most of the morning turned lower as aggressive losses were seen through most of the complex. However the market turned around near the close and ended mixed after seeing losses of 2.00 a hundredweight or more. Some of the concern was present following the lack of support in boxed beef values while sluggish end of the month position squaring was being completed. April went off the board 1.02 higher at 217.55, and May was down .07 at 212.97.

Feeder cattle receipts at the Hub City Livestock Auction at Aberdeen, South Dakota totaled 3236 head on Wednesday. Compared to last week, feeder steers were 2.00 to 5.00 higher, and heifers trended 1.00 to 4.00 better with some 650 to 700 weights up 5.00 to 6.00. There was good to very good demand for packages of home raised fall calves in light to moderate flesh. The lack of moisture in the region continues to be a concern, but so far has not affected how producers are buying cattle. Feeder steers medium and large 1 averaging 840 pounds averaged 209.21 per hundredweight. Replacement heifers averaging 865 pounds averaged 195.54.

Lean hog contracts settled 162 points higher to 62 lower. Despite the strong support still evident in the cash markets and more support likely to be evident over the near term, futures prices turned mixed. May, June and July all closed higher with the deferred contracts suffering moderate losses. Most of the pressure was associated with the end of the month positioning as little has changed in the market either fundamentally or technically. May settled 1.62 higher at 76.95, and June was up .22 at 81.42.

Barrows and gilts in the Iowa/Minnesota direct trade closed 3.68 higher with a weighted average of 74.90 on a carcass basis, the West was up 3.70 at 74.84, and the East was 1.87 higher at 70.28. Missouri direct base carcass meat price was steady to 1.00 higher from 58.00 to 62.00. Midwest hogs on a live basis closed 2.00 to 4.00 higher from 43.00 to 47.00.

The pork carcass cutout value was 1.94 higher FOB plant at 73.28. All primal cuts ended higher.

For the week ending April 25, Iowa barrows and gilts averaged 281.8 pounds, 1.7 pounds lighter than the previous week and 5.7 pounds below 2014.

The Thursday hog kill was estimated by USDA at 425,000 head, 3,000 less than last week, but 10,000 more than last year.