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Cattle futures move lower on light cash business

Chicago Mercantile Exchange live and feeder cattle futures closed lower Tuesday, watching direct cash business develop. Feeders picked up additional pressure from the modestly higher move in corn. June live was down $1.15 at $132.40 and August was $1.27 lower at $134.10. May feeders were down $.87 at $158.92 and August was $2.37 lower at $171.85.

Direct cash cattle trade was mostly quiet Tuesday. Trade in the South came in at $140, steady with last week’s weighted averages. Dressed deals in the North took place at $230, about $.50 below last week’s weighted average basis for Nebraska.

Boxed beef closed lower on light to moderate demand for light offerings. Choice is $3.05 lower at $255.24 and Select is $.78 lower at $242.35. 

At the Tri-State Livestock Auction in McCook, Nebraska, there wasn’t a strong comparison. USDA says demand was good on moderate supply. Receipts were up on the week but down on the year. Feeder supply included 60 percent steers and 70 percent of the offering was over 600 pounds. Medium and Large 1 feeder steers weighing 608 to 624 brought $189.50 to $192 and steers from 814 to 833 pounds brought $160.50 to $162.75. Medium and Large 1 feeder heifers weighing 561 to 589 brought $166 to $166.75 and feeder heifers weighing 714 to 747 pounds brought $147.50 to $154.25.

Estimated cattle slaughter is 125,000 head, down 1,000 on the week but up 6,000 on the year.

Lean hog futures were mixed, adjusting spreads and watching demand factors. May was $.20 higher at $101.07 and June was up $.27 at $101.57.

Cash hogs closed higher on solid negotiated purchases.  Processors were had strong procurement efforts carrying over from Monday and bid up to move their desired numbers.  The industry continues to monitor the availability of market-ready hogs.  Demand for US pork has remained relatively strong, helping to support prices.  But there are still long-term demand concerns adding uncertainty.

Barrows and gilts at the National Daily Direct were up $2.27 at $109.10; the Iowa/Minnesota had a weighted average of $112.84; the Western Cornbelt had a weighted average of $112.68; the Eastern Cornbelt was not reported due to confidentiality.

Butcher hog prices at the Midwest cash markets are steady at $70. At Illinois, slaughter sow prices were steady with light to moderate demand for light to moderate offerings at $69 to $82.  Barrows and gilts were steady with light to moderate demand for light to moderate offerings at $65 to $74.  Boars ranged from $40 to $45 and $20 to $25. 

Pork values closed lower, down $4.20 at $100.19. Bellies closed sharply lower, down $15.53; Ribs, butts, hams, and loins were also lower. Picnics closed higher.

Estimated hog slaughter is 480,000 head, even on the week but down 1,000 on the year.

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