Market News

Hog inventory is up slightly

As of march 1, there were 67.6 million hogs and pigs on U.S. farms, up slightly from March 2015, but down 1% from December 1,2015 according to the Quarterly Hogs and Pigs report released on Friday afternoon by USDA’ National Agricultural Statistics Service (NASS).

Iowa hog producers accounted for the largest inventory among the states, at 20.2 million head, North Carolina was second, and Minnesota third in production.

Barrows and gilts in the Iowa/Minnesota direct trade closed .05 higher at 62.31 weighted average on a carcass basis, the West was down .17 at 62.02, and nationally the market was up .58 at 61.44. Missouri direct base carcass meat price was steady at 55.00.

The pork carcass cutout value was down .28 at 75.27 FOB plant.

The hog slaughter for the week was estimated at 2,178,000 head, 19,000 less than last week, and 101,000 less than last year.

Feeder pig receipts nationally this past week totaled 79,437 head. Early weaned pigs were 2.00 a head lower. All feeder pigs were 4.00 per head higher. Demand was light to moderate for moderate offerings. Early weaned pigs on a 10 to 12 pound dais31.50 to 46.00 per head. 40 pound pigs’ brought 78.00 to 85.00.

Cattle country was generally quiet on Friday afternoon following a light trade in most areas on Thursday afternoon. USDA Mandatory reported there was light to moderate demand in the Texas Panhandle with moderate trade and demand in Kansas. Compared to last week, live sales were mostly 3.00 lower, with instances of 4.00 lower at 136.00. Nebraska trading was light on Thursday on light to moderate demand with dressed sales 5.00 lower at 218.00. The weekly cattle kill totaled 547,000 head, 2,000 more than last the previous week, and 8,000 greater than last year.

Boxed beef cutout values were weak on choice and sharply lower on select on light to moderated demand and moderate to heavy offerings. Choice beef was down .48 at 224.36, and select was 2.42 lower at 214.89.

Mobridge Livestock Auction, Mobridge South Dakota had receipts of 2895 cattle on Thursday. Compared to two weeks ago, feeder steers traded steady to 4.00 higher. Heifers were 2.00 to 4.00 lower.  There was good demand for many packages and a few loads of cattle suitable for finishing, very good demand for steers and heifers for summer grass, and replacement quality heifers. The quality was mostly plain to average with only a few consignments of attractive quality cattle offered, most in light to moderate flesh. Feeder steers medium and large 1 averaging 630 pounds brought 184.83 per hundredweight. 622 pound heifers traded at 162.7

The Chicago Mercantile Exchange was closed in observance of Good Friday.

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