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Cattle, lean hog futures mixed heading into the weekend

At the Chicago Mercantile Exchange, live cattle futures were mixed ahead of the USDA’s Cattle on Feed report, which was out after the close, and feeders were up sharply on the drop in corn. August live was down $.37 at $170.77 and October was $.17 lower at $174.50. August feeders were up $3.27 at $233.95 and September was $3.17 higher at $237.70.Boxed beef cutout values closed lower.  Choice closed $.46 higher at $334.01 and Select was $3.84 at $299.96.  The Choice/Select spread is $34.05.

Direct cash cattle trade ended the week quiet with business wrapped up for the week.  Asking prices for cattle left on showlists are around $182 in the South, and $292-plus in the North.  Northern dressed deals have been market at mostly $290, $6 lower than the prior week’s weighted averages.  Southern live business has been at mostly at $180, $2 lower than the previous week’s weighted averages.

At the, Mid Missouri Stockyards Cattle Auction in Phillipsburg, compared to last week, feeder steers under 600 pounds sold $10 to $15 higher with heavier weights steady to $4 higher.  Feeder heifers sold $6 to $10 higher.  Slaughter cows and bulls sold $2 to $4 lower.  The USDA says supply was moderate and demand was very good.  Bidding was active throughout the auction with buyers needing cattle.  117 head of steers weighing 902 pounds sold for $215.50.  Receipts were down and the week, but up on the year. Feeder supply included 49 percent steers and 32 percent of the offering was over 600 pounds. Medium and Large 1 Feeder steers 500 to 544 pounds brought $257.50 to $275 with a weighted average price of $269.84, and feeder steers 657 to 675 pounds brought $237 to $244 with a weighted average price of $241.15. Medium and Large 1 feeder heifers 456 to 498 pounds brought $236 to $253 with a weighted average price of $245.45 and feeder heifers 610 to 624 pounds brought $219 to $228.50.

Estimated cattle slaughter is 120,000, up 2,000 on the week but down 2,000 on the year. Boxed beef cutout values closed lower.  Choice closed $.46 lower at $334.01 and Select was $3.84 lower at $299.96.  The Choice/Select spread is $34.05.

Lean hog futures were mixed, adjusting spreads and preparing for the USDA’s Cold Storage update. The USDA’s Quarterly Hogs and Pigs report is out on the 30th. July was $.57 lower at $91.27 and August was down $.30 at $89.67. Cash hogs closed lower.  Processors spent the majority of the beginning of the week being aggressive in their procurement efforts to move large numbers.  Demand for pork is strong but all eyes are watching the US and the industry’s ability to adapt to California’s Proposition 12 guidelines, especially after the state updated them on Thursday. Barrows and gilts at the National Daily Direct were $1.75 lower with a base range of $75 to $96 with a weighted average price of $93.04; Iowa/Southern Minnesota closed $1.39 lower with a weighted average price of $94.57; the Western Corn Belt closed $.09 lower with a weighted average price of $95.19; the Eastern Corn Belt did not report due to confidentiality reasons.

Butcher hogs  are steady at $72 in Dorchester Wisconsin and steady at $74 in Garnavillo, IA.  Pork values closed $.86 higher at $97.36.  Loins, butts, picnics and bellies were higher.  Ribs and hams were sharply lower. Estimated hog slaughter is 452,0000, down 3,000 on the week, but up 16,000 on the year.

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