Market News

Cattle, hog futures end the week mixed

At the Chicago Mercantile Exchange, live and feeder cattle ended the day mixed, mostly higher on spread trade and the mixed boxed beef. June live cattle closed $.55 higher at $116.02 and August live cattle closed $.37 higher at $118.85.  May feeder cattle closed $1.25 higher at $131.72 and August feeder cattle closed $.87 higher at $144.27. 

It was a relatively quiet end to the week for direct cash cattle trade activity.  Just a handful of cleanup deals in Kansas at fully steady money with the rest of the week’s business.  Southern live deals for the week had a full range of $117.50 to $119 and Northern dressed deals ranged from $187 to $192.  

At the Douglas Livestock Auction in Missouri, there were too few feeder steers and heifers offered last week for an adequate price comparison this week.  However, there was a lower undertone noted.  The USDA says supply was light to moderate and demand was moderate.  Receipts were up on the week and the year.  Feeder supply included 48 percent steers and 18 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 515 to 546 pounds brought $153 to $158 and feeder steers 551 to 585 pounds brought $150 to $159.  Medium and Large 1 feeder heifers 405 to 447 pounds brought $130 to $142.50 and feeder heifers 500 to 533 pounds brought $129 to $133. 

At the Missouri Hay Market, there were some reports of farmers cutting and wrapping a little hay this past week as they worked around rains.  However, they’re still a few weeks away from any tradition baling.  Producers are starting to talk about pricing new crop hay as input prices continue to rise and Western states continue to battle drought conditions, which is limiting hay availability.  In Missouri, the supply of hay is moderate, and demand is light to moderate.  Prices have been steady even with limited sales.   Alfalfa, supreme medium squares brought $200 to $250.  Alfalfa, supreme small squares brought $7 to $10 per bale.  Alfalfa, premium medium squares brought $160 to $200.  Alfalfa, good large rounds brought $120 to $160.  Alfalfa, good small squares brought $5 to $7.  Alfalfa/Grass Mix, good/premium small squares brought $6 to $8.  Mixed grass hay, good/premium large rounds brought $80 to $120.

Boxed beef closed mixed on light to moderate demand for light offerings.  Choice closed $.49 lower at $305.88 and Select closed $.91 higher at $290.27.  The Choice/Select spread is $15.61. Estimated cattle slaughter is 111,000 head – down 4,000 on the week and up 22,000 on the year.  Saturday’s estimated kill is 57,000 head – even on the week and up 12,000 on the year. 

Lean hog futures ended the day mixed on the steady to lower cash business and higher midday pork.  May lean hogs closed $.57 higher at $111.97 and June lean hogs closed $1.62 lower at $112.85.

Cash hogs closed lower with a fairly light negotiated run. Processors have been aggressive in their procurement efforts lately, but took a step back on Friday.  They’re also keeping a close eye on the availability of market-ready barrows and gilts.  Overall, the strong demand for US pork on the global market and domestically has been very supportive of prices.  That’s expected to continue.  But should a disruption occur it could significantly impact prices. Barrows and gilts at the National Daily Direct closed $2.72 lower with a base range of $108 to $125.50 and a weighted average of $113.70; the Iowa/Minnesota closed $.78 lower with a weighted average of $121.76; the Western Corn Belt closed $.76 lower with a weighted average of $120.69. The Eastern Corn Belt was not reported due to confidentiality. 

According to this week’s Feeder Pig Report from the USDA early-weaned pigs were steady to $1 per head lower compared to last week and all feeder pigs were $12 per head lower.  Demand was light for moderate offerings and receipts included 38 percent formulated prices.  The Total Composite Cash range was $41 to $56 with a weighted average of $50.28 and the Total Composite Formula Range was $38.63 to $56.29 for a weighted average of $47.04.  The Weighted average for all early-weaned pigs was $48.94 and the average for all feeder pigs was $80.81.

Butcher hog prices at the Midwest cash market were steady at $70. At Illinois, slaughter sow prices were weak with moderate demand for light offerings at $52 to $62.  Barrow and gilt prices were firm with good demand for heavy offerings at $75 to $79.  Boars ranged from $40 to $45 and $15 to $20. 

Pork values closed about steady – down $.07 at $113.79.  Hams were sharply lower and bellies were lower.  Loins, picnics, ribs, and butts were all higher. Estimated hog slaughter is 462,000 head – down 8,000 on the week and up 122,000 on the year. Saturday’s estimated kill is 15,000 head down 36,000 on the week and down 181,000 on the year.