Market News

Cattle and hog futures close higher

The cattle trade was very slow in developing on Friday afternoon as buyers and sellers waited for the cattle on feed report results. There were only a few scattered bids on the table by mid-afternoon at 98.00 live in the South, and 154.00 to 155.00 in the North. Asking prices were around 100.00 to 102.00 live and 158.00 dressed. The weekly cattle slaughter was estimated at 602,000 head, 1,000 more than the previous week, and 49,000 greater than last year.

Boxed beef cutout values were higher on choice and lower on select on light to moderate demand, and moderate to heavy offerings. Choice beef 179.78, up 1.89, select 166.73, down 1.01.

Live cattle contracts on the Chicago Mercantile Exchange settled.77 to 2.12 higher on Friday as futures continued to post aggressive gains with two day market totals in nearby contracts neared $6.00 per hundredweight gains earlier in the session. October and December contracts held the most significant gains, but off the day’s highs.

Feeder cattle settled .12 to 1.25 higher, but off the day’s highs that were up as much $2.00 or greater at midday as the renewed support in the live cattle complex created underlying support through the market. Traders expected little additional bearish news to develop from the cattle on feed report released after the close of trade.

Feeder cattle receipts at Missouri auctions this week totaled 17,625 head. . Feeder steers and heifers sold 5.00 to 8.00 lower than the previous week with some lighter weight steer calves as much as 15.00 lower early in the week. The exception this week was found on better quality heifers mostly over 550 pounds that were suitable for replacements and sold steady to 3.00 higher. Feeder demand was light to moderate. The supply was light to moderate. Feeder steers medium and large 1 weighing 723 pounds averaged 122.09 per hundredweight. 675 pound heifers brought 112.25.

Lean hogs settled .70 to 1.37 higher as strong gains developed across the December futures as trades continued to focus on the aggressively oversold spot month contract, but have just found enough support to draw prices more than slightly higher, but closing off the day’s high. The concern through the week has been the inability for gains to hold through the end of trading session.

Barrows and gilts in the Iowa/Minnesota direct trade closed .09 lower at 45.76 weighted average on a carcass basis, the west was down .17 at 45.67, and nationally the hog market was .23 lower at 45.21. Missouri direct base carcass meat price closed steady from 38.00 to 39.00.

Pork carcass cutout value was down.45 at 72.07 FOB plant.

Feeder pig receipts nationally this week totaled 97,303 head, up considerably from last week and last year. Early weaned pigs were 3.00 per head higher, and all feeder pigs were 1.00 per head higher Demand was moderate for moderate offerings. Early weaned pigs on a 10 to 12 pound basis traded from 11.00 to 19.00 per head. 40 pound basis from 19.00 t0 28.50 per head.

The weekly hog slaughter was estimated by USDA at 2,143,000 head, 210,000 more than last week, and 192,000 more than last year.

 

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