Market News

Cattle, hog futures lower to close the week

Chicago Mercantile Exchange live cattle futures were down on the lower midday boxed beef, while feeder cattle were supported by the drop in corn. June live cattle were down $.30 at $115.30 and August was $.57 lower at $118.82. May feeder cattle were up $.10 at $137.55 and August was $.65 higher at $151.15.

Direct cash cattle trade was very quiet on Friday with most of the week’s business already wrapped up. Asking prices for cattle left on showlists are around $120 plus in the South, and $190 to $192 in the North which could be where business picks back up next week.

Boxed beef cutout values closed mixed with choice $0.16 higher at $316.94 and select $2.72 lower at 293.19. The choice/select spread is $23.75.

At the Clovis Livestock Auction in Nebraska, compared to last test, a higher undertone was noted on steers over 600 pounds. A slightly higher undertone was noted on heifer calves under 500 pounds. Feeders over 500 pounds sold steady to 5.00 higher.  USDA says demand was moderate. Feeder supply included 51 percent steers and 45 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 610 to 646 pounds brought $146.00 to $156.50 and feeder steers 778 to 794 pounds brought $130.50 to $135.50. Medium and Large 1 feeder heifers 565 to 648 pounds brought $125.00 to $133.00 and feeder heifers 710 to 732 pounds brought $128.00 to $130.25. 

Estimated cattle slaughter is 115,000 head: up 4,000 on the week and 21,000 on the year.

Lean hog futures were lower, with cash steady to lower during the session. May was down $.32 at $111.15 and June was $1.37 lower at $108.72.

Cash hogs closed mostly lower.

Barrows and gilts at the National Daily Direct ended the day down $1.20 for a weighted average of $112.25. The Iowa/Minnesota closed $.035 lower for a weighted average of $116.99. The Western Corn Belt closed $.047 higher for a weighted average of $117.53. The Eastern Corn belt was not reported due to confidentiality.

Pork values closed $0.49 lower. Loins, butts and ribs closed sharply higher all up more than $5. Picnics, hams and bellies finished sharply lower.

Estimated hog slaughter is 461,000 head: down 1,000 on the week but up 79,000 on the year.

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