Market News

Feedlot trade was light

A few more cattle traded on Friday afternoon, but business In general seemed rather light with both sides reluctant to compromise. Live deals in the South were generally 2.00 higher than last week at 160.00. Live sales in the North were also at 160.00 near steady with the previous week. Regional buyers in the North paid up to 255.00 dressed at steady prices. The weekly kill totaled 566.000 head, 22,000 more than the previous week, but 44,000 head less than a year ago.

Boxed beef cutout values were lower on light demand and offerings. Choice beef was down 2.26 at 254.64, and select was .83 lower at 243.22.

Chicago Mercantile Exchange live cattle contracts settled mixed, 30 points higher to 52 lower. Although the market showed some recovery near the close strong losses flooded into the live cattle complex early as the focus moved from growing demand and tighter supplies of cattle ready for market to the inability to sustain wholesale and potentially retail prices during the near future. News that the feedlot trade was steady to higher than last week helped to support the market late in the session. June settled .52 lower at 149.17, and August was down .27 at 147.82.

Feeder cattle ended the session 37 to 115 points higher. Losses quickly developed as traders quickly focused on fresh market activity in the month of May, but the lack of support in beef values and the expectation that additional buyer interest may be hard to come by did cause market pressure. Steady higher cash cattle trade did help to lift prices near the close. May settled .65 higher at 213.62, and August was up .37 at 216.07.

Feeder cattle receipts at Missouri auctions this week totaled 32,841 head. Compared to last week, calves sold unevenly steady, yearlings trended steady to 5.00 higher. The supply was moderate. Much of the offering remained made up of light weight calves with many carrying extra flesh with only average quality at best. The offering consisted of a slightly higher percentage than usual of bulls. Feeder steers medium and large 1 averaging 527 pounds traded at 276.28 per hundredweight. 523 pound heifers brought 244.11.

Lean hogs settled 65 points higher to 95 lower. Trade was light as traders saw very little fundamental or technical direction through the complex. The lack of direction in the cash markets in the morning didn’t appear to create a significant move in the recent trend of higher prices, but traders had very little short term information to go on during the quietly traded session. Summer contracts were lower while the fall and winter contracts closed higher. May was down the most at 78.00, down .95, and June was .17 lower at 81.25.

Barrows and gilts in the Iowa/Minnesota direct trade closed .04 higher at 74.94 weighted average on a carcass basis, the West was up .04 at 74.77, and the East was 2.38 higher at 72.89. Missouri direct base carcass meat price closed steady to 2.00 higher from 58.00 to 64.00. Midwest hogs on a live basis steady to 3.00 higher in a light test from 44.00 to 48.00.

The pork carcass cutout value was .58 higher 73.86 FOB plant with only the belly primal lower.

Net pork export sales last week were up 9 percent from the previous week and 16 percent from the prior 4-week average.

The weekly hog slaughter was estimated at 2,164,000 head, 20,000 less than last week, but 149,000 more than last year.

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