Market News

A few cattle trade on Friday

Feedlot country was very quiet on Friday with only a few bids evident. A few cattle sold in Nebraska at 232.00. Some asking prices were adjusted to 147.00 in the South and 243.00 plus North. Although totals look rather modest, business looked to be done for the week. The weekly slaughter was estimated at 539,000 head, 1,000 more than last week, but 33,000 less than last year.

The cattle on feed report looks neutral to slightly bearish. Placement activity turned out to be somewhat larger than trade guesses. Total on feed up 2%, placements 1% higher, and marketing’s during June 5% lower. For more on the cattle inventory check the news section of our website.

Chicago Mercantile Exchange live cattle contracts settled 32 to 107 points lower. Cattle futures were on a roller coaster through much of the session, swinging higher then lower than back to higher. The futures were checked by technical concerns, lower feedlot sales on Thursday and ongoing worries about midsummer demand. August settled .32 lower at 143.02, and October was down .52 at 144.12.

Feeder cattle ended mostly higher with only the front month’s in the red. The market ended above session lows, but significantly below session highs. Late week pre report choppiness was the name of the game. The further losses in the corn futures may explain why feeders seemed to be able to hold their ground better than their live counterparts. August was down .10 at 209.67, and September was .07 lower at 207.65.

Boxed beef cutout values were lower on choice and firm on select on light to moderate demand and offerings. Choice boxed beef was down 1.89 at 230.70, and select was up .27 at 228.23.

Feeder cattle receipts at Missouri auctions this week totaled 13,641 head. Compared to last week, feeder cattle sold steady to 5.00 lower. The feeder supply was light which is quite typical for this time of the year. Summer heat is very discouraging to both buyers and sellers as the stress of handling and transporting cattle is very risky. Demand is moderate. Buyers are showing some pickiness not wanting to get stuck holding part loads of cattle, they are also very aware certain types of cattle can handle stress and heat better than others. Feeder steers medium and large 1 averaging 623 pounds traded at 245.58 per hundredweight, 619 pound heifers averaged 219.44.

Lean hogs settled 25 points higher to 67 lower. This week’s kill was expected to turn out larger than many had expected earlier, a negative surprise that underscores ideas of greater hog supplies just around the corner or so. August was down .60 at 77.65, and October was .67 lower at 64.02.

Barrows and gilts in the Iowa/Minnesota direct trade closed .50 lower at 75.51 weighted average on a carcass basis, the West was down .56 at 75.34, and nationally the market was up .02 at 74.29.

The pork carcass value was down .09 at 84.66 FOB plant

Feeder pig receipts nationally this week totaled 74,364 head. Early weaned pigs were a 1.00 per head lower. All feeder pigs were steady to weak. The demand was light for a moderate offering. Early weaned pigs, 10 to 12 pound basis 10.00 to 22.00 on a per head basis. 40 pound basis 25.00 to 45.00.

This week’s hog slaughter came in much larger than had earlier been expected at 2,107,000 head. 25,000 more than last week, and 244,000 greater than last year.