Market News

Cattle futures see oversold bounce

Chicago Mercantile Exchange live and feeder cattle futures were higher with the live contracts leading the way on oversold signals and short covering. Contracts were down early prior to the rally. After Tuesday’s scattered activity in the North, direct cash cattle markets were quiet. Asking price were $120 to $122 Live and $190+ Dressed, with bids at $116 Live and $186 to $187 Dressed. Boxed beef was lower on light to moderate demand and offerings. Choice was down $1.19 at $205.19 and Select was $.53 lower at $195.51. The estimated cattle slaughter of 113,000 head was up 7,000 on the week and 9,000 on the year.

Lean hog future were mixed in light trade volume. Nearby contracts were up and deferred months were down, with recent inconsistency in wholesale demand creating some demand uncertainties. National Direct barrows and gilts were $.33 lower with a weighted average of $75.24, the Western Cornbelt was down $.41 at $75.61, and Iowa/Southern Minnesota was $.39 lower at $75.66. Butcher hogs at the Midwest cash markets were steady to $1 lower at $45 to $58. Missouri Direct butchers were steady at $69.72. The pork carcass cutout value was up $.65 at $90.85. The average Iowa/Southern Minnesota hog weight of 278.3 pounds was up 1.6 pounds on the week, but down a pound on the year.