Late rallies drove cattle futures higher
On the Chicago Mercantile Exchange live and feeder cattle ended higher. Both rallied late in the session on short-covering and oversold signals. August live cattle closed up $.87 at $109.72 and October live cattle closed up $.80 at $107.40. August feeder cattle closed up $.60 at $141.77 and September feeders closed up $.92 at $142.22.
Direct cash cattle trade was at near standstill with minimal cleanup trade. After the moderate business this week, DTN says some cattle will likely be carried over into next week.
Boxed beef cutouts closed steady to lower on light to moderate demand and offerings. Choice ended down $1.03 at $199.60 and Select closed $.07 lower at $196.12.
Cattle slaughter is estimated at 114,000. Down 3,000 on the week and up 2,000 on the year.
At the Apache Livestock Auction in Oklahoma feeder steers and heifers closed lower compared to last week. USDA says the quality was average to attractive with fair demand. Feeder supply included almost 60 percent heifers. Medium and Large 1 steers 550 to 580 pounds were $145.00 to $159.00 and Medium and Large 1’s 700 pounds to 750 pounds were $137.00 to $138.50. Medium and Large 1 heifers 450 to 500 pounds were $136.00 to $142.00 and Medium and Large 1’s 550 to 580 pounds were $130.00 to $135.50.
The USDA says hay prices in Nebraska this week sold fully steady. Demand was better this week in most areas of the state and some producers are selling hay right out of the field. Top quality hay continues to move upward in price and buyers are starting to purchase other types of ground hay. Alfalfa: Good large square bales $140 to $150 and fair large squares $95 to $110. Good large round bales brought $80 to $85 with a few at $95. Premium large square bales of alfalfa/orchard grass brought $150 and premium large round bales were pegged at $120. 17 percent protein alfalfa pellets brought $185 to $210. In Platte Valley, good to premium round bales brought $100, good round bales $80 to $85, and 17 percent protein dehydrated alfalfa pellets brought $190.
Lean hogs closed mostly higher on spread activity and contracts’ discount to cash. There’s also some position squaring in the August contract ahead of expiration. August closed up $.20 at $84.65 and October closed up $.65 at $68.62.
Cash ended the day lower on the seasonal increase in market ready numbers. Iowa/Southern Minnesota direct barrows and gilts closed $.87 lower with a range of $73.00 to $79.50 and a weighted average of $78.28; in the Western Corn Belt cash hogs are down $.95 with a range of $73.00 to $79.50 and an average of $78.13; prices at the Eastern Corn Belt were not reported due to confidentiality; at the National daily direct hogs are down $.67 with a range of $73 TO $79.50 and a weighted average of $77.85.
Butcher hogs at the Midwest cash markets closed $2 lower at $53.00.
The estimated hog slaughter finished the day at 426,000. That’s up 4,000 on the week and 17,000 on the year. Hog slaughter is estimated at 133,000 for Saturday, which would put the weekly kill at almost 2.3 million head.
Pork cutout traded modestly lower on Friday and closed down $.73 at $94.44. Sharp declines in loins, picnics, and bellies were moderated strong gains in the rib.
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