Cattle futures lower ahead of holiday weekend
Chicago Mercantile Exchange live cattle futures were mostly lower ahead of the long holiday weekend, while feeders were pressured by the rally in corn. June live was down $.22 at $132.17 and August was $.20 lower at $132.40. August feeders were down $.35 at $166.32 and September was $.42 lower at $169.30.
Cash cattle trade was quiet on Friday with most business already wrapped up after Tuesday’s deals. Southern deals for the week came in mostly $1 lower than the prior week’s weighted averages at $137 while Northern dressed trade took place mostly at $223, $3 lower than last week’s weighted average basis in Nebraska.
Boxed beef closed higher Friday. Choice was up $1.45 at $265.42 and Select is $2.07 higher at $246.50. The Choice/Select spread is $18.92.
At the MO-Kan Livestock Market in Butler, Missouri, compared to the previous test, steers sold steady to $5 lower, and heifers traded mostly steady. USDA says demand was moderate on moderate supply noting quality cattle. Receipts were down on the week and year. Feeder supply included 52 percent steers and 22 percent of the offering was over 600 pounds. Medium and Large 1 feeder steers weighing 550 to 587 pounds brought $166.50 to $180 and feeder steers from 628 to 629 pounds brought $162.50 to $164. Medium and Large 1 feeder heifers weighing 475 to 485 pounds brought $163.50 to $178 and feeder heifers from 554 to 590 pounds brought $149 to $156.
Friday’s estimated cattle slaughter was 120,000 head, down 3,000 on the week but up 3,000 on the year.
Lean hog futures were mixed on spread trade and the mixed cash during the session. June was $.70 lower at $110.40 and July was down $.10 at $111.72.
Cash hogs closed lower Friday. Demand for US pork on the global market has overall been very strong, helping provide price support. But there are long-term concerns that create uncertainty in the market. The industry continues to monitor the availability of market-ready hogs. And processors are moving their desired numbers without having to get too aggressive in their procurement efforts. Barrows and gilts at the National Daily Direct are $1.67 lower with a base range of $100.00 to $116.50 and a weighted average of $109.68. The Iowa/Minnesota had a weighted average of $113.21; the Western Cornbelt a weighted average of $113.77; the Eastern Cornbelt was not reported due to confidentiality.
At Illinois, slaughter sow prices are $1 lower with light to moderate demand for light to moderate offerings ranging from $43 to $55. Barrow and gilt prices were steady at $65 to $74 with light to moderate demand for light to moderate offerings.
Pork values were lower, down $1.97 at $106.16.
Friday’s estimated hog slaughter was 456,000 down 1,000 on the week but up 31,000 head on the year.