Market News

Cattle, hog futures start week lower

Chicago Mercantile Exchange live cattle futures were lower on another round of liquidation and demand concerns as the trade gets ready for this week’s cash business. August was down $.95 at $113.82 and October was $.40 lower at $113.42.

Feeder cattle futures were lower on liquidation and demand concerns, along with the higher move in corn. August and September were both down $.35 at $144.67.

Direct cash cattle markets were quiet and the big feature was the distribution of this week’s showlist. The offering looks mixed, maybe a little bit below last week overall with Colorado, Kansas, and Nebraska smaller and Texas larger. Asking prices this week are not well defined, but could start out around $122 on the live basis in the South and $190+ dressed in the North. Widespread business will probably wait until Thursday or Friday, but buying interest could be sparked by a solid week at the Fed Cattle Exchange on Wednesday.

Boxed beef closed mixed on light to moderate demand for moderate to heavy offerings. Choice was down $1.30 at $217.54 and Select was up $.16 at $202.67. The estimated cattle slaughter of 119,000 head was 11,000 more than a week ago and 7,000 higher than a year ago.

At Joplin Regional Stockyards in Missouri Monday, there was no comparison to last week because of Independence Day, so compared to two weeks ago, steers and heifers were steady. 51% of the supply were steers and 52% of the total offering weighed more than 600 pounds. Medium and large 1 600 to 700 pound feeder steers brought $151 to $157 and 700 to 800 pounders ranged from $141 to $155. Medium and large 1 500 to 600 pound feeder heifers wre reported at $140 to $150 and 600 to 700 pound heifers sold at $142.75 to $146.

Lean hog futures were lower on the lower midday pork and profit taking. July was down $.25 at $91.47 and most active August was $1.22 lower at $82.00.

Cash hogs were steady to lower. Near term, the trade does expect tighter market ready numbers and good wholesale demand. Still, seasonal trends do shift, with wholesale pork trade hitting a new high for the year last week and an expansion of market ready numbers expected to start in the new few weeks.

Iowa/Southern Minnesota direct barrows and gilts closed $.59 lower at $83 to $88.50 for a weighted average of $87.47, the Western Cornbelt was down $.64 at $82 to $88.50 with an average of $87.33, and national direct business was $.36 lower at $82 to $88.50 for an average of $86.34. Butcher hogs at the Midwest cash markets were steady at $57 to $65. Missouri direct butchers were steady to $1 higher at $81 to $82 on light to moderate supply and demand. Sows were steady to $6 higher at $45 to $57. Illinois direct sows were $2 higher at $53 to $65 on very good demand for moderate to heavy offerings. Barrows and gilts were steady at $57 to $62 on good demand for moderate offerings. Boars ranged from $10 to $45.

Pork closed $.03 lower at $104.93. Bellies were firm, hams were higher, the other primals were weak to lower. The estimated hog slaughter of 439,000 head was up 73,000 on the week and 32,000 on the year.

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