Market News

Closing futures and livestock briefs

The cash cattle market was at a standstill on Friday with business apparently done for the week. The kill at 109,000 head was 3,000 more than last week, and 2,000 above a year ago. Saturday’s slaughter is estimated at 38,000 head, bringing the weekly total to 601,000 head, 4,000 below last week, but 30,000 head greater than last year. Live sales this week were mostly at 98.00, and dressed sales at 154.00. Most of the trade occurred on Wednesday and Thursday.

Boxed beef cutout values were steady to weak on light to moderate demand and offerings. Choice beef 181.86, up.26, select 172.04, down .57.

Chicago Mercantile Exchange live cattle contracts settled .57 to 1.45 higher. Firm support held in live cattle futures based on position taking in all live cattle contracts. Triple digit moves held in light volume, as December and February contracts held the most aggressive gains. The tone of the market still remains extremely weak, leaving the market vulnerable for another shift lower next week.

Feeder cattle ended the session .35 lower to .92 higher with deferred contracts lower and the front month up the most. The tripe digit gains seen earlier in the session failed to hold through the close. Late week short covering and profit taking appeared to be the main features of the trade.

Feeder cattle receipts at Missouri Auctions totaled 20,604 head this week. Compared to last week, calves sold 5.00 to 10.00 lower, yearlings were steady to 5.00 lower, although some larger drafts of quality heifers especially those suitable for replacement sold fully steady. The supply of feeders was moderate. Feeder steers medium and large 1 averaging 572 pounds brought 127.69 per hundredweight. 572 pound heifers traded at 111.33.

Lean hogs settled .02 to 1.95 lower after trading mixed for much of Friday’s session. The October contract went off the board, and the new front month December closed 1.95 lower at 52.60. The lack of support in the in the hog market is not being overshadowed by the buyer support which developed through the week and brought prices back from contract lows.

Barrows and gilts in the Iowa/Minnesota direct trade closed .08 lower at 47.27 weighted average on a carcass basis, the West was down .06 at 47.23, and nationally the market was .17 higher at 46.15. Missouri direct base carcass meat price closed steady from 38.00 to 40.00. Midwest hogs on a live basis were steady from 22.00 to 30.00.

The pork carcass cutout value was up .86 at 73.38 FOB plant.

The weekly hog slaughter was estimated at 2,304,000 head 118,000 less than last week, and down 15,000 from last year. The lower slaughter was due to plant shutdowns for much of the week in the South because of Hurricane Matthew.

Feeder pig receipts nationally this week totaled 84,034 head, about even with last week but up nearly 10,000 head from last year. Early weaned pigs and all feeder pigs were steady to firm. The demand was moderate for moderate offerings. Early weaned pigs on a per head basis traded from 4.00 to 16.00. 40 pound pigs from 19.00 to 29.50 per head.