Market News

Cattle trade at a standstill

DTN reported a few cattle had been sold in Nebraska on Friday afternoon at 210.00, but the cash trade remained essentially untested. Packer bids and asking prices were separated by as much as $2.00 to 4.00 on a live basis. There may be some late trade. Asking prices were generally around 140.00 to 142.00 in the South and 215.00 plus in the North. The weekly kill was estimated at 534,000 head 2,000 more than last week, but 2,000 less than last year.

Boxed beef cutout values lower to sharply lower on light demand and light to moderate offerings. Choice beef was down 2.43 at 222.60, and select was 1.97 lower at 216.51.

Live cattle contracts on the Chicago Mercantile Exchange settled 67 to 125 points lower. The narrow losses earlier in the trade excel rated in to triple digit losses in the front month futures. The market pullback was not determined if it was based on position squaring, or a longer term market shift that could continue next week when traders return to work.

Feeder cattle ended the session significantly lower from 235 to 362 points lower. The initial light pressure expanded at midday with losses expanding following the pressure in deferred contracts.

Lean hogs settled 40 points higher to 40 lower in a narrow trading range given the lack of direction seen through much of the session. The markets concentrated on the lack of direction in cash markets as well as interest on end of the week position taking.

Feeder cattle receipts at Missouri auctions this past week totaled 32,852 head. Compared to last week, feeder steers and heifers sold mostly 5.00 to 10.00 lower. The feeder supply was moderate and made up of mostly five to seven weight feeders. Many reporters noted the supplies at local auctions would have been larger this week if not for the strong winter storms that swept across the plains. Feeder steers medium and large 1 weighing 672 pounds averaged 167.26 per hundredweight. 675 pound heifers traded at 147.97.

Barrows and gilts in the Iowa/Minnesota direct trade closed .13 higher at 62.41 weighted average on a carcass basis, the West was up .51 at 62.22, and nationally the market was up .32 at 61.43. Missouri direct base carcass meat price was steady from 50.00 to 57.00.

The pork carcass cutout value was up 1.05 at 77.57.

Feeder pigs nationally this week were over 11,000 head fewer than the previous week. Early weaned pigs were 2.00 per head lower, and all feeder pigs were 4.00 per head higher. The demand was moderate for moderate offerings. Early weaned pigs, 10 to 12 pound basis averaged 62.07 per head. 40 pound basis averaged 76.53 for the total composite.

The weekly hog slaughter was estimated at 2,182,000 head including 200,000 head expected on Saturday, down 136,000 from the previous week, and 77,000 less than last year. The winter storm was at least partially responsible for the decline.