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Cattle, hog futures end the week higher

At the Chicago Mercantile Exchange, live and feeder cattle ended the week higher, feeders were in the lead on the lower move in corn.  August live cattle closed $2.02 higher at $134.60 and October live closed $1.20 higher at $139.97.  August feeder cattle closed $.90 higher at $174.50 and September feeders closed $1.42 higher at $177.65. 

Direct cash cattle business ended the week quietly.  There was some moderate trade that took place at midweek. Southern live deals for the week were at mostly $138, steady to about $1 lower than the previous week’s weighted averages.  Northern dressed business was marked at mostly $234, not quite $1 lower than the prior week’s weighted average basis in Nebraska.  Colorado’s live sales were at $145, about steady with the week prior. 

At the New Cambria Livestock Market in Missouri, compared to last week steers and heifers sold $5 to $10 higher with several spots up to $15 higher.  The bulk of the cattle came from a handful of large strings.  Receipts were down from two weeks ago.  Feeder supply included 44% steers and 68% of the offering was over 600 pounds. Medium and Large 1 feeder steers 501 to 534 pounds brought $201.50 to $212.50 and feeder steers 931 pounds brought $166.  Medium and Large 1 feeder heifers 672 to 697 pounds brought $172 to $175.75 and feeder heifers 712 pounds brought $175.75. 

In Nebraska, the USDA says hay prices remained steady to firm and supply and demand were moderate.  Hay movement has been moderate to good.  Most farmers are seeing lower yields than long-term averages and are looking to buy hay as drought concerns are ongoing.  Alfalfa, supreme, medium squares brought $225 to $275.  Alfalfa, supreme, small squares brought $8 to $12.  Alfalfa, premium, medium squares brought $175 to $225.  Alfalfa, good, large rounds brought $120 to $180.  Alfalfa, good, small squares brought $5 to $9.  Alfalfa, fair, large rounds brought $100 to $125.  Alfalfa/grass, good/premium small squares brought $5 to $9.  Mixed grass, good/premium, large rounds brought $80 to $140. 

Boxed beef closed weak on light demand for light offerings.  Choice closed $.18 lower at $263.82 and Select closed $.10 lower at $240.47.  The Choice/Select spread is $23.35. Estimated cattle slaughter is 121,000 head – down 1,000 on the week and up 7,000 on the year.  Saturday’s estimated kill is 16,000 head – down 30,000 on the week and down 20,000 on the year. 

Lean hog futures ended the day higher on oversold signals.  August lean hogs closed $.87 higher at $102.97 and October lean hogs closed $.87 higher at $102.97. 

Cash hogs closed lower and sharply lower with a light negotiated run. Processors were able to move their desired numbers without having to aggressively bid up.  Demand for US pork on the global market and domestically has been strong, but long-term concerns do put pressure on prices.  The industry continues to monitor the availability of market-ready hogs. Barrows and gilts at the National Daily Direct closed $4.69 lower with a base range of $110 to $123 with a weighted average of $114.25; the Iowa/Minnesota closed $1.95 lower with a weighted average of $120.88; the Western Corn Belt closed $1.59 lower with a weighted average of $120.86.  Prices at the Eastern Corn Belt were not reported at midday due to confidentiality. According to the USDA’s Weekly Feeder Pig Report, early-weaned pigs were $1 per head lower.  All feeder pigs were steady to $2 per head higher.  Demand was light on moderate offerings.  The Total Composite cash range for early-weaned pigs was $23 to $47.75 and a weighted average of $38.02.  The Total Composite Formula range for early-weaned pigs was $33.56 to $49.47 and a weighted average of $41.68.  The weighted average for all early-weaned pigs was $39.68 and the weighted average for feeder pigs was $68.74. 

Butcher hog prices in Red Oak, Iowa this week are $4 to $5 higher at $78. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $40 to $52.  Barrows and gilts were steady with moderate demand for moderate offerings at $74 to $83.  Boars ranged from $45 to $50 and $10 to $15. 

Pork values closed higher – up $1.50 at $108.75.  Bellies, hams, and picnics were all higher.  Loins were about steady.  Ribs and butts were lower to sharply lower.   Estimated hog slaughter is 440,000 head – up 7,000 on the week and up 16,000 on the year.  Saturday’s estimated kill is 9,000 head – down 11,000 on the week and down 4,000 on the year.  Thursday’s hog slaughter has been revised to 463,000 head. 

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