Market News

Monday’s showlist may be priced higher

A moderate to active cattle trade developed in all areas on Thursday with Southern live sales 122.00 to 123.00, $3.00 to $4.00 higher than last week. While dressed business was generally $5.00 higher at 194.00 to 195.00. Look for showlists on Monday to be priced higher tied to bullish momentum and impressive evidence of tight fed supplies. The weekly cattle slaughter was estimated at 569,000 head, 40,000 less than last week, and 6,000 less than last year.

Boxed beef cutout values were lower on light to moderate demand and offerings. Choice beef was down 1.18 at 190.42, select 186.64, down .85.

Live cattle contracts settled, 45 higher to .90 lower, February through October lower, and April was down the most. There was moderate to strong pressure earlier in the session, but bounced back from the initial lows. Prices remain above support levels and could find stability through the end of the month.

Feeder cattle contracts settled mostly .17 to 1.15 higher. There was pressure in the market in the morning, but prices moved back significantly from the session lows. Only a couple of far differed contracts were lower.

Feeder cattle receipts at Missouri auctions this week totaled 21,117 head. Compared to last week, feeder steers and heifers sold unevenly steady with some light weight steer calves firm later in the week. The supply of feeders was light to moderate and demand was moderate. The market had a very difficult time finding direction this week, due to poor weather conditions which limited offerings or caused some sales to cancel because of icy conditions. Feeder steers medium and large 1 averaging 672 steers brought 139.39 per hundredweight. Feeder heifers weighting 675 pounds brought 125.65.

Lean hogs settled .77 lower to .90 higher with the February through August contracts lower. Traders looked for additional market direction as strong losses developed in live cattle futures. Nearby losses ranged from .15 to .77 lower while the deferred contracts held moderate gains with February 2018 up the most.

Barrows and gilts in the Iowa/Minnesota direct trade closed .22 higher at 63.70 weighted average on a carcass basis, the West is up .15 higher at 63.58, and the national market is .07 lower at 62.88. Missouri direct base carcass meat price was steady from 55.00 to 56.00.

Feeder pig receipts nationally totaled 71,123 head this week. Early weaned pigs were steady to firm. All feeder pigs were mostly steady on light receipts. Demand was light to moderate on moderate offerings. Early weaned pigs’ 10 to 12 pound basis 48.00 to 58.00 on a per head basis. 40 pound basis 65.00 to 71.00 per head.

The pork carcass cutout value was up .81 at 79.71 FOB plant.

Hog slaughter for the week is estimated at 2,324,000 head. 71,000 less than last week, but 19,000 more than last year.

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