Market News

Beef packers could start Monday short bought

USDA Mandatory reported cattle trading was light on light demand in Kansas on Friday afternoon. Compared to last week, live sales sold $5.00 lower at 110.00. In Nebraska and Colorado trading and demand were light. Nebraska live sales at 110.00. Colorado, when compared to last week had live sales 5.00 to 5.50 lower at 110.00. Trading in other major feeding regions was inactive on light demand. Trade volume totals don’t look very impressive possibly suggesting buyers could start out on Monday relatively short bought. The weekly cattle slaughter totaled 611,000 head, 5,000 less than last week, but 31,000 greater than a year ago.

Boxed beef cutout values were steady to weak on light to moderate demand and light offerings. Choice beef was down .54 at 188.94, and select up .26 at 171.68.

Chicago Mercantile Exchange live cattle contracts settled .10 to .55 lower. Early losses were cut in half through the morning, but the lack of buyer support seen in the market limited trade activity on Friday, and may continue through the first half of next week.

Feeder cattle futures settled .12 to 1.10 lower pulling back some from triple-digit losses during midmorning. Trade volume remained extremely light through much of the session allowing for the early pressure to fade as contracts were filled. The lower close created some lack of direction going into next week.

Feeder cattle receipts at Missouri auctions this week totaled 50,163 head. Compared to last week feeder steers and heifers sold steady to 5.00 lower. There were cases at various barns in which producers could find higher money if they were in the right place on the right day and their cattle just happened to fit a specific order. Overall though there was not really any specific class, weight or kind of cattle that demanded higher money across the board. Feeder steers medium and large 1 weighing 673 pounds averaged 131.34 per hundredweight. 572 pound replacement heifers averaged 139.00.

Lean hogs settled mostly higher in a range of .02 lower to 1.05 higher. Activity in the hogs was quiet for much of the session with firm gains entering the market at late morning. December was up the most while some deferred contracts ended moderately lower. End of the week positioning was the main focus on Friday, as the losses were no threat to the aggressive market shifts higher seen over the week.

Barrows and gilts in the Iowa/Minnesota direct trade closed 1.10 lower at 52.13 weighted average on a carcass basis, the West was down 1.03 at 52.80, and nationally the direct trade was .78 lower at 52.66. Missouri direct base carcass meat price was steady to 1.00 higher at 40.00.

The pork carcass cutout value was .04 lower at 75.73 FOB plant.

Feeder pig receipts nationally this past week totaled 116,570 head. Early weaned pigs were 5.00 per head higher. All feeder pigs trended 9.00 higher. The demand was moderate for moderate offerings. Early weaned pigs 10-12 pound basis traded from 31.00 to 48.00 per head. 40 pound pigs ranged from 35.00 to 56.00. Prices quoted are on a per head basis delivered to the buyer’s farm. These prices include freight and fees on a farm to farm basis.

The weekly hog slaughter was estimated at 2,443,000 head, 98,000 less than last week, but 3,000 more than last year.