Market News

Feeder cattle rally late and live cattle close mostly lower

On the Chicago Mercantile Exchange overall it was an up and down session with both live and feeder cattle concentrating on the distribution of new showlists.  Feeder cattle rebounded after its sluggish start and live cattle closed mostly lower.  August live cattle were down $.67 at $109.05 and October live cattle down $.80 at $106.60.  Feeder cattle closed mostly higher.  August feeder cattle closed up $.52 at $142.30 and September feeder cattle closed up $.55 at $142.77.

Direct cash cattle trade was quiet with action limited to the distribution of new showlists.  This week’s trade will likely follow last week’s suit and be postponed until Wednesday – or later – especially with Cattle on Feed numbers coming out Friday.  However, there were a few confirmed cash sales in Nebraska at $181.00 dressed.

Cattle slaughter is estimated at 119,000 – up 1,000 on the week and 7,000 on the year.

Boxed beef cutouts closed mixed on light to moderate demand and moderate offerings.  Choice closed down $.69 at $198.92 and Select closed up $.32 at $196.44

At the Joplin Regional Stockyards receipts totaled 3,000 head – down over 1,100 from last week.  Compared to last week – steers and heifers were $4.00 to $8.00 lower.  The USDA says demand was moderate to light and the supply was light.  Medium and Large 1 steers 600 to 640 brought $152.00 to $156.00 and steers 735 to 800 pounds brought $141.00 to $145.00.  Medium and Large 1 heifers 600 to 660 pounds brought $134.00 to $138.00; Medium and Large 1-2 heifers 600 to 700 pounds brought $128.00 to $135.50.

Lean hogs were mixed, mostly higher with most active contracts supported by contracts’ significant discount to cash and spread activity, which pressured deferred months.  October lean hogs closed up $.55 at $69.17 and December lean hogs closed up $.25 at $63.50.  August expired down $.20 at $84.45.

Cash hogs ended the day mostly higher as buyers are trying to secure their early week supplies.  At the Iowa/Southern Minnesota barrows and gilts closed up $.07 with a range of $74 to $79.50 and a weighted average of $78.15; trade at the Western Corn Belt was up $.12 at $74 to $79.50 and a weighted average for $78.04; trade at the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct closed down $.27 with a range of $72 to $79.50 and a weighted average of $77.43.

Butcher hogs at the Midwest cash markets closed steady to $5 lower at $50 to $55.

Pork cutout closed weak – down $.33 at $94.11.  Strong gains in butts, picnics and ribs were cancelled out by losses in hams, bellies, and loins.

Hog slaughter is estimated at 446,000 up 72,000 on the week and 18,000 on the year.

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