Market News

Cattle futures close higher for second consecutive day

On the Chicago Mercantile Exchange cattle futures closed higher on technical buying.  Boxed beef ended the day steady to firm which could indicate there is still strong retail demand heading into the Labor Day holiday. August live cattle closed up $.70 at $115.22 and October live cattle up $.15 at $114.82.  August feeder cattle closed up $.40 at $150.65 and September feeder up $.60 at $150.75.

Direct cash cattle trade was pretty quiet Thursday afternoon with just a few scattered deals in parts of the North.  However, more business could pop up later today, it is looking like trade could be delayed until tomorrow.  Asking prices are around $120 in the South and $190 to $192 in the North.  Bids are reported at $118 live and $188 dresssed.

Cattle slaughter was estimated at 118,000, steady on the week, but up 5,000 from last year.

At the Pratt Livestock Feeder Cattle Auction receipts totaled 2,500 head.  Compared to last week feeder steers 800 to 1000 pounds were firm to $2 higher; heifers 700 to 1000 pounds were $2 to $5 higher.  Medium and Large 1 steers 800 to 900 pounds brought $149.25 to $155.25 and steers 900 to 953 pounds brought $143 to $144.  Medium and large 1 heifers 700 to 800 pounds brought $142 to $145.75 and heifers 800 to 900 pounds brought $137 to $142.

Lean hogs traded mostly lower with contracts at a discount to the cash index and pork traded lower during the session before gaining some momentum later in the day, but still closing slightly lower.  August lean hogs in light trade closed $.02 higher at $81.97 and October lean hogs down $72 at $65.75.

Cash hogs ended the day mixed.  There is nothing concrete out of the USDA, so the market will monitor the availability of market ready numbers.  Barrows and gilts at the Iowa/Southern Minnesota closed $1.07 higher with a range of $73.00 to $82.50 and a weighted average of $81.71; at the Western Corn Belt trade was up $.70 with a range of $73.00 to $82.50 and a weighted average of $81.30; no comparison in the Eastern Corn Belt but trade ranged from $77.92 to $78.50 and a weighted average of $78.15; and at the National Daily Direct hogs were $.23 lower with a range of $73.00 to $82.50 and a weighted average of $79.67.

Butcher hogs at the Midwest cash markets were steady at $52-$60.

Pork cutout closed weak, down $.11 at $96.75 the primals were mixed with a sharp decline in the ham moderated by gains in the bellies.

USDA says the both the supply and demand are light to moderate at the Interior Missouri Direct.  Barrows and gilts are steady with a base price of $75, sows are steady with a range of $55 to 70.

At the Illinois Direct sows are steady and USDA says there is very good demand on moderate offerings.  Light to moderate demand for moderate offerings and barrows and gilts are $1 lower with a range of $48.00 to $56.00

The estimated hog slaughter finished at 445,000 – up 2,000 on the week and 22,000 for the year.