Market News

Cattle, hog futures start the week higher

At the Chicago Mercantile Exchange, live and feeder cattle ended the day higher ahead of the week’s direct cash business with additional support from higher boxed beef and the lower move in corn.  October live cattle closed $.35 higher at $144.22 and December lives closed $.47 higher at $150.45.  September feeder cattle closed $2.22 higher at $185.65 and October feeder cattle closed $1.75 higher at $187.70. 

It was as quiet Monday for direct cash cattle business.  Showlists this week are mixed, lower in the South, but higher in Nebraska and Colorado.  Bids and asking prices never surfaced on Monday.  Significant trade volume isn’t expected to develop until midweek or later. 

At the Oklahoma National Stockyards, compared to last week feeder steers were unevenly steady.  Feeder heifers were steady to $3 higher.  Steer calves were unevenly steady with a light test in most classes.  Heifer calves were steady to $3 higher with a light test in most classes.  The USDA says demand was moderate to good and quality was average to attractive.  Receipts were down on the week and the year.  Feeder supply included 51% steers and 53% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 602 to 648 pounds brought $185 to $195 and feeder steers 673 to 699 pounds brought $181 to $190.  Medium and Large 1 feeder heifers 457 to 491 pounds brought $150 to $168 and feeder heifers 509 to 546 pounds brought $140 to $169. 

Boxed beef closed higher on solid demand for fairly light offerings.  Choice closed $1.62 higher at $266.24 and Select closed $.19 higher at $238.86.  The Choice/Select spread is $27.38. Estimated cattle slaughter 119,000 head – down 5,000 on the week and up 6,000 on the year. 

Lean hog futures were supported by higher pork values during the session. October lean hogs closed $1.90 higher at $100.30 and December lean hogs closed $.90 higher at $89.72. 

Cash hogs closed mixed with a fairly light negotiated run.  The industry continues to monitor the availability of market-ready hogs.  Buyers were able to move their desired numbers without having to bid up.  Demand, overall, has been strong for US pork on the global market, which has helped provide price support.  However, there are long-term concerns which have been putting some pressure on prices.   Barrows and gilts at the National Daily Direct closed $1.59 lower with a base range of $114 to $135 and a weighted average of $122.84; the Iowa/Minnesota closed $5.90 lower with a weighted average of $124.62; the Western Corn Belt closed $.22 higher with a weighted average $130.41; the Eastern Corn Belt closed $.79 lower at $122.20.

Butcher hog prices at the Midwest cash markets are steady at midday. At Illinois, slaughter sow prices were $2 higher with moderate demand for moderate offerings at $68 to $79.  Barrows and gilts were steady with moderate demand for moderate offerings at $77 to $86.  Boars ranged from $45 to $55 and $10 to $20. 

Pork values closed lower, down $.97 at $124.06.  Bellies were sharply lower.  Hams were also lower.  Loins, butts, picnics, and ribs were higher to sharply higher.    Estimated hog slaughter 458,000 head – up 50,000 on the week and up 2,000 on the year.  Friday’s estimated hog slaughter has been revised to 452,000 head.