Market News

Cattle trade in the north

USDA Mandatory reported cattle trade and demand was light to moderate in Nebraska on Thursday. Compared to last week, dressed sales traded 6.00 lower at 222.00. A few live sales traded in Iowa at 141.00. There were a few bids on the cattle in Kansas at 143.00 to 144.00. Asking prices appear to be around 148.00 plus in the South, and 228.00 plus in the North. The kill was estimated at 111,000 head, 2,000 more than last week, but down 8,000 from last year.

Boxed beef cutout values were steady to weak on light to moderate demand and moderate offerings. Choice beef was down .16 at 240.81, and select was .59 lower at 228.24.

Live cattle contracts settled 10 to 55 points higher on the Chicago Mercantile Exchange on Thursday. Futures ended off the triple digit gains seen earlier in the session as buyer support appeared unable to hold through the close. Price variability has been very evident through the last couple of weeks, but consistency in closing markets anywhere near session highs has been lacking. Without consistent upward movement over the next couple of days, the live cattle market is going to improve very little and remain in the current choppy pattern. October settled .37 higher at 141.60 and December 143.87 up .55.

Feeder cattle ended 5 to 180 points higher as sharp triple digit gains developed late Thursday morning as traders focused on potential additional buyer support coming from the widespread in grain prices. The gains did not hold and futures closed off the day’s highs. September was up 1.80 at 202.55, and October 197.32 up 1.02.

Feeder cattle receipts at the Springfield, Missouri Livestock Marketing Center totaled 1259 head on Wednesday. Compared to last week, steer and heifer calves and yearlings were steady. Not enough Holsteins for a good market test. The demand and supply were moderate. The sale was highlighted with three pot loads of yearlings off one ranch. Feeder steers medium and large 1 averaging 825 pounds averaged 197.00, per hundredweight. 683 pound heifers traded at 194.28.

Lean hogs settled 7 to 65 points in the red as moderate pressure held through the complex with the early trade giving way to traders trying to square positions before the weekend. Even though it is only Thursday the expected light trade through the rest of the week could spark some additional market shifts. October was .32 lower at 69.45, and December was down .65 at 64.02.

Barrows and gilts in the Iowa/Minnesota direct trade closed .95 lower at 70.31 weighted average on a carcass basis, the West was down .85 at 70.21, and the East had no price comparison at 67.54.

The pork carcass cutout value was .69 lower at 85.25 FOB plant.

For the week ending August 29, the average live weight of Iowa barrows and gilts drifted a little lower to 277 pounds, .2 pound lighter than the prior week and 3.6 pounds smaller than 2014. Not a big week-to-week change, but resisting the strong seasonal trend toward heavier weights at this time of year gets very tough.

The hog kill was estimated at 427,000 head, 1,000 less than last week, but 24,000 greater than last year.

 

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