Market News

Cattle futures mixed heading into the weekend

Chicago Mercantile Exchange live cattle futures were mixed, adjusting spreads, and feeders were lower on the modestly higher move in corn. December live was up $.17 at $148.05 and February was $.12 higher at $148.05. November feeders were down $.80 at $175.62 and January was $1.25 lower at $176.60.

Direct cash cattle trade ended the week quiet.  Southern live deals were marked at mostly $144, $1 higher than the previous week’s weighted averages. Northern dressed sales were mostly $230, about $1 higher than the previous week’s weighted averages.

At the Winter Livestock Auction in Pratt, Kansas, compared to last week, steers 400 to 900 pounds sold $10 to $15 lower.  Feeder heifers 600 to 900 pounds sold $3 to $5 lower on light receipts.  Heifer calves 400 to 600 pounds sold $7 to $10 lower.  The USDA says demand was moderate.  Slaughter cows sold  $2 to $3 lower.  Drought continues to impact the Great Plains with grasslands deteriorating. Receipts were down on the week, but up on the year. Feeder supply included 62 percent steers with 60 percent of the offering over 600 pounds.  Medium and Large 1 feeder steers 612 to 626 pounds brought $162 to $171 and steers 861 to 866 pounds brought $159 to $162.50. Medium and Large 1 feeder heifers 506 to 537 pounds brought $154 to $162 and heifers 656 to 669 pounds brought $155 to $159.

Boxed beef closed lower with moderate to good box movement. Choice was $ 1.29 lower at $246.07 and Select is down $.86 at $216.13.  The Choice/Select spread is $29.94. Estimated cattle slaughter is 118,000, up 3,000 on the week and 4,000 on the year.

Lean hog futures were mixed on bear spreading and the mixed cash during the session. CME futures markets and the Federal government are closed Monday. December was down $.62 at $77.15 and February was $.35 lower at $79.95.

Cash hogs closed mixed with a light negotiated run. Processors were aggressive earlier in the week and bid up to move their desired numbers.  Those procurement efforts have backed off in the latter half of the week.  Demand, overall, for US pork on the global market and domestically, has been strong, but there are long-term concerns as uncertainty remains about the global economy. Barrows and gilts at the National Daily Direct closed $2.51 lower with a base range of $79 to $95 with a weighted average of $86.89; the Iowa/Minnesota closed $.48 higher with a weighted average of $94.54; the Western Corn Belt was $.09 higher with a weighted average of $94.55; the Eastern Corn belt was $4.87 sharply lower with a weighted average of $84.07.

Butcher hogs were steady at $64. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings from $58 to $70. Barrows and gilts prices were steady, with moderate demand for moderate offerings from $58 to $68.  Boars were $39 to $41 and $9 to $19.

Pork values closed $.13 higher at $229.69.  Loins, picnics and bellies were higher.  Butts and hams were lower.  Ribs were $7.33 sharply lower.

Estimated hog slaughter is 480,000, up 27,000 on the week and 7,000 on the year.