Market News

Cattle, hog futures close week with mixed action

Chicago Mercantile Exchange live cattle were mixed, adjusting spreads, and feeders were lower on the higher move in corn. August live was $.60 lower at $133.95 and October was down $.90 at $138.95. August feeders were down $.75 at $141.72 and September was $1.32 lower at $174.72.

Direct cash cattle trade was mostly quiet on Friday with light clean-up trade taking place. Southern deals this week have mostly been at $137, steady to $1 lower than last week. Northern dressed trade has been $2 lower on the week at $232.

Boxed beef closed lower Friday. Choice down $.18 at $267.89 and select is $.73 lower at $241.85. The choice/select spread is $26.04.

At the Winter Livestock Auction in Dodge City, Kansas, compared to the last test, steers and heifers 400 to 900 pounds sold $4 to $7 higher. USDA says demand was good on light offerings. But receipts were up from last test and on the year. Feeder supply included 39 percent steers and 62 percent of the offering was over 600 pounds. Medium and Large 1 feeder steers weighing 515 to 522 pounds brought $178 to $185 and feeder steers weighing 706 to 737 pounds brought $163 to $168. Medium and Large 1 feeder heifers weighing 570 to 583 pounds brought $159 to $163 and feeder heifers from 791 to 815 pounds brought $146 to $155.50.

Estimated cattle slaughter was 125,000 head, up 4,000 on the week and year.

Lean hog futures were mixed, mostly higher, on spread trade and the higher midday move in pork. August was $.32 lower at $109.17 and October was $.02 higher at $94.00.

Cash hogs closed lower Friday.

Barrows and gilts at the National Daily Direct closed $2.00 lower with a base range of $112 to $128 for a weighted average of $118.72. The Iowa Minnesota had a weighted average of $124.74; the Western Cornbelt had a weighted average of $124.63; the Eastern Cornbelt wasn’t reported due to confidentiality.

Pork cutout values closed higher, up $2.34 at $114.53. Ribs are up $5.50; hams are more than $4 higher; bellies and loins are higher. Butts are sharply lower; picnics are lower.

Estimated hog slaughter was 468,000 head, up 33,000 on the week and 6,000 on the year.