Cattle, hog futures start the week higher
August 10, 2020 By Meghan Grebner Filed Under: Closing Futures / Livestock Briefs, Livestock, Livestock Markets, Livestock Markets, Market News, Market News
At the Chicago Mercantile Exchange, live and feeder cattle closed higher, supported by strong wholesale values during the session and optimism ahead of this week’s cash trade. August live cattle closed $.80 higher at $103.60 and October live cattle closed $.70 higher at $107.15. August feeder cattle closed $.85 higher at $143.57 and September feeder cattle closed $.27 higher at $145.40.
A quiet Monday for direct cash cattle trade activity. Showlists this week appear to be somewhat lower in Kansas, lower in Nebraska/Colorado, and sharply lower in Texas. Bids and asking prices were not fully established, however, some scattered asking prices were noted in parts of the North at $168 dressed. Look for business to develop as the week progresses.
At the Joplin Regional Stockyards in Missouri, compared to last week steers under 550 pounds were $2 to $3 lower, steers 550 to 750-pounds were steady to $2 higher, and steers over 750 pounds were unevenly steady. Feeder heifers under 450 pounds were $2 to $3 lower, heifers 450 to 700 pounds were steady to $2 higher, and heifers over 700 pounds were steady to $3 lower. The USDA says demand was moderate to good and supply was moderate. With the return of the hot temperatures, there’s been some pressure on light calves. Receipts were down on the week, but up on the year. Feeder supply included 56 percent steers and 54 percent of the offering was over 600 pounds. Medium and Large 1 feeder steers 651 to 697 pounds brought $143 to $158. Medium and Large 1 feeder heifers 601 to 645 pounds brought $132 to $142.
Boxed beef closed higher with good demand for light to moderate offerings. Choice closed $1.73 higher at $207.20 and Select is $1.18 higher at $193.93. Estimated cattle slaughter is 117,000 head – up 4,000 on the week and up 2,000 on the year.
Lean hog futures were supported by the recent strength in wholesale values, which continued with Monday’s sharply higher values at midday. August lean hogs closed $2.12 higher at $53.12 and October lean hogs closed $2.85 higher at $53.82.
Cash hogs closed steady with moderate negotiated purchases. Supply and demand continue to drive the market. Supplies of market-ready hogs are more than ample and processors continue to push slaughter totals higher daily. That’s adding more pork to the market at a time when uncertainties around domestic and global demand remain. Creating additional volatility to prices. Barrows and gilts at the National Daily Direct closed $.24 higher with a base range of $35 to $38.81 for a weighted average of $38.43; the Iowa/Minnesota closed $.09 higher for a weighted average of $38.15; the Western Corn Belt closed $.01 higher for a weighted average of $38.07. The Eastern Corn Belt was not reported due to confidentiality.
Butcher hog prices at the Midwest cash markets are steady with last week at $24. At Illinois, slaughter sow prices were steady with moderate to good demand for moderate to heavy offerings at $11 to $23 and barrows and gilts were steady with moderate demand for moderate to heavy offerings at $19 to $24. Boars ranged from $1 to $3.
Pork values closed lower – down $1.86 at $70.07. Hams dropped more than $9.50 on Monday. Picnics were also lower. Ribs were steady. Loins were higher. Bellies and butts were higher. Estimated hog slaughter is 482,000 head – up 62,000 on the week and up 26,000 on the year.
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