Market News

Cattle futures higher to start the week

At the Chicago Mercantile Exchange, live and feeder cattle were up ahead of the week’s direct business.  April live cattle closed $1.32 higher at $188.57 and June lives closed $1.80 higher at $185.40.  April feeder cattle closed $2.97 higher at $255.10 and May feeders closed $3.12 higher at $259.12. 

Direct cash cattle trade activity was typically quiet for a Monday.  Showlists are mixed this week, higher in Texas, but lower in Kansas and Nebraska/Colorado.  Bids and asking prices didn’t surface Monday.  Significant trade volume isn’t expected to develop until midweek or later. 

At the Oklahoma National Stockyards, feeder steers and heifers were steady to $5 higher.  Stocker cattle and calves were $5 to $15 higher.  Cattle on offer that were suitable for grass sold $30 plus higher.  The USDA says demand was moderate to good for feeder cattle, extremely good for stockers and calves.  Quality was average with many attractive.  Receipts were down on the week and up on the year.  Feeder supply included 51% steers and 66% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 803 to 848 pounds brought $224 to $257 and feeder steers 856 to 895 pounds brought $237 to $241.50.  Medium and Large 1 feeder heifers 601 to 649 pounds brought $257 to $282.50 and feeder heifers 703 to 745 pounds brought $228.50 to $258.75. 

Boxed beef closed higher on solid demand for moderate offerings.  Choice was $1.43 higher at $313.33 and Select closed $.65 higher at $303.05.  The Choice/Select spread is $10.28. Estimated cattle slaughter was 120,000 head – up 9,000 on the week and down 4,000 on the year. 

Lean hog futures closed mostly higher, supported by strong wholesale values during the session and the recent cash strength.  April lean hogs closed $.10 lower at $86.82 and May lean hogs closed $.25 higher at $93.42. 

Cash hogs closed lower with a moderate negotiated run.  Processors weren’t aggressive in their procurement efforts to start the week, prices reflected that.  The industry continues to monitor the availability of market-ready hogs, hog weights, and overall demand.  Demand for US pork on the global market remains strong and domestic demand has rebounded some.  Both are supportive to prices. Barrows and gilts at the National Daily Direct closed $.28 lower with a base range of $76 to $81.50 and a weighted average of $79.66; the Iowa/Minnesota closed $.82 lower with a weighted average of $79.88; the Western Corn Belt closed $.65 lower with a weighted average of $79.67.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are $2 higher at $60. 

Pork values closed lower – down $.31 at $93.16. Gains in Bellies, butts, ribs, and loins were offset by declines in hams and picnics. Estimated hog slaughter was 486,000 head – up 31,000 on the week and up 26,000 on the year.