Market News

Cattle futures higher

 

Chicago Mercantile Exchange live cattle futures were higher. The pit’s keeping an eye on improving beef demand, while waiting for widespread direct cash cattle business to get underway. June was $.50 higher at $151.97 and August was up $1.00 at $150.65.

Feeder cattle futures were higher, with support from the live pit and beef. May was $1.05 higher at $218.75 and August was up $1.17 at $217.62.

The major direct cash cattle markets were quiet. Showlists are priced at $163 to $164 on the Live basis in the South and $260 to $262 Dressed in the North. There were bids at $157 to $158 Live in Kansas. Widespread business isn’t expected until Thursday or Friday.

At the Fairview Slaughter Cattle Auction in Illinois, steers and heifers were steady, with some high dressing cattle $6 higher. Slaughter cows were steady and slaughter bulls were steady to $2 higher. Trade was active with good demand. Slaughter cattle averaging 1,539 pounds sold at $161.67. Heifers averaging 1,261 pounds brought $162.08.

Boxed beef cutout values closed higher on moderate to fairly good demand and light to moderate offerings. Choice was up $2.21 at $263.17 and Select was $1.36 higher at $249.11. The estimated cattle slaughter of 112,000 head was up 10,000 on the week, but down 8,000 on the year.

Lean hog futures were mixed in position squaring. Cash trade was mixed and the cutout value seems to be backing off from the recent multi-month highs. Also, the May through August futures contracts are at a premium to the cash index. June was down $.27 at $84.77 and July was up $.30 at $85.25.

Cash hog trade was mixed. Market ready numbers have been a little tighter as of late, but processing margins are lackluster. National Direct barrows and gilts were $.82 higher at $69 to $81.25 with a weighted average on the carcass basis of $79.80. The Eastern Cornbelt had no recent comparison at $69 to $80 for an average of $78.34, the Western Cornbelt was $.09 lower at $70 to $81.25 with an average of $80.64 and Iowa/Southern Minnesota was unchanged at $72.50 to $81.25 for an average of $80.75.

Midwest cash hog markets were steady to $1 higher with tops at $51 to $56. The Missouri Direct base carcass meat price was steady at $70 to $72 on light to moderate supply and demand. Missouri sows were steady at $15 to $23.

The pork carcass cutout value was $.27 lower at $83.40. Ribs and bellies were sharply higher, the other primals were lower. The average Iowa/Southern Minnesota hog weight for the week ending May 9th was 281.2 pounds. That’s down eight tenths of a pound on the week and 5.4 pounds on the year. The estimated hog slaughter of 418,000 head was 2,000 more than last week and 8,000 above last year.