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A solid end to the week for cash cattle business

At the Chicago Mercantile Exchange on Thursday, live cattle ended the day mostly lower and feeder cattle closed mostly higher, watching direct business develop.  April live cattle closed $.95 lower at $120.02 and June live cattle closed $.35 lower at $122.55.  April feeder cattle were unchanged at $143.87 and May feeder cattle closed $.17 lower at $149.22. 

A light to moderate direct cash cattle trade developed on Friday.  The majority of deals in the North were at $190, $5 higher than the prior week’s weighted average basis in Nebraska.  There was a little cleanup trade in the South at $118 live, fully steady with Thursday business. 

At the New Cambria Livestock Market in Missouri, compared to last week steers and heifers under 600 pounds were steady to $4 lower after the previous week’s sharply higher prices.  Heavier weights were $2 to $6 higher.  There were several bigger strings of yearlings offered again.  The market for 6-weight heifers was strong.  There is still solid interest in grazing cattle.  The USDA says supply was moderate and demand was moderate to good.  Receipts were up on the week and the year.  Feeder supply included 54 percent steers and 70 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 650 to 696 pounds brought $153 to $163 and feeder steers 850 pounds brought $134.50.  Medium and Large 1 feeder heifers 640 to 647 pounds brought $142.50 to $150.25 and feeder heifers 657 to 697 pounds brought $135 to $138. 

At the South Dakota Hay market, compared to the previous week all classes were steady.  The USDA says demand for dairy quality hay remains strong with the best demand coming from out of state dairies.  There’s very light demand for straw and corn stalks.  The near-term forecast is for very warm spring-like weather and there is hope that spring rains were come to the areas that desperately need it.  West River SD is much drier than East River, but rain is needed across the state.  Supplies of hay are ample.  Alfalfa, supreme large squares brought $220.  Alfalfa, premium large squares brought $185 to $225 per ton.  Alfalfa, premium large squares brought $130 per bale.  Alfalfa, good large rounds brought $140 to $175.  Alfalfa/grass mix, premium large rounds brought $140.  Round corn stalks brought $45, while wheat, large squares brought $110 to $120 per ton and $60 per bale.

Boxed beef closed sharply higher on good demand for moderate offerings.  Choice closed $2.88 higher at $252.85 and Select closed $2.27 higher at $246.97.  The Choice/Select spread is $5.88.  Estimated cattle slaughter 105,000 head – down 10,000 on the week and down 2,000 on the year.  Saturday’s estimated kill is 33,000 head – down 26,000 on the week and down 20,000 on the year. 

Lean hog futures ended Thursday mostly higher, supported by the week’s strong export sales report, and the recent strength in cash and wholesale business.  April lean hogs closed $.72 higher at $101.77 and May lean hogs closed $1.32 higher at $102.82. 

Cash hogs closed mixed with a very light negotiated run.  Packers continue to monitor the availability of market-ready barrows and gilts.  It looks like there was some bidding up to move desired numbers in some areas on Friday.  The recent demand strength has been very supportive to prices.  The industry expects that to continue.  And while daily slaughter totals remain relatively high, they have dropped below year-ago levels.  Barrows and gilts at the National Daily Direct closed $2.24 higher with a weighted average of $98.94; the Iowa/Minnesota was $.19 lower with a weighted average of $99.01; the Western Corn Belt closed $.36 higher with a weighted average of $99.07.  Prices at the Eastern Corn Belt were not reported due to confidentiality.  

According to the USDA’s feeder pig report, all early-weaned pigs were $2 per head lower and all feeder pigs were $3 per head higher.  Demand was moderate for light to moderate offerings and receipts included 50 percent formulated prices.  The Total Composite cash range for early-weaned pig was $41 to $58 for an average of $52.81.  The Total Composite formula range for early-weaned pig was $35.63 to $60.41 for an average of $44.26.  The weighted average for all early-weaned pigs was $48.18 and the average for all feeder pigs was $100.96. 

At Illinois, slaughter sow prices were steady with moderate demand for heavy offerings at $70 to $81.  Barrow and gilt prices were steady with good demand for moderate to heavy offerings at $62 to $68.  Boars ranged from $30 to $40 and $12 to $20.

Pork values ended the day higher – up $.65 at $109.51.  Butts and hams were sharply higher.  Picnics were higher.  Bellies and ribs were sharply lower.  Loins were weak. Estimated hog slaughter 455,000 head – down 25,000 on the week and down 28,000 on the year.  Saturday’s estimated kill is 59,000 head – down 83,000 on the week and down 81,000 on the year. 

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