Market News

Cattle trade in Nebraska at higher prices

USDA Mandatory reported a light cattle trade in eastern Nebraska on light demand. A few dressed sales were marked at $215.00, $8.00 higher than last week’s weighted average. Trading in all other regions has been at a standstill. There are a few scattered bids at 126.00 live in the South, and 212.00 to 215.00 in the North. Asking prices are around 132.00 to 134.00 in the South, and 217.00 to 218.00 in the North. The slaughter was estimated at 115,000 head, 1,000 less than last week, but 8,000 greater than last year.

Boxed beef cutout values were steady to weak on light to moderate demand and moderate to heavy offerings. Choice boxed beef 222.28, down .72, select 215.77, down .03.

Live cattle contracts on the Chicago Mercantile Exchange settled .67 to 1.05 lower quickly pulling back from the trend of posting triple digit gains. Pressure came from profit taking in the wake of Wednesday’s big surge and the general lack of cash news.

Feeder cattle settled .02 to 1.25 lower as moderate pressure quickly developed through the complex on Thursday. The pullback in trader activity was more focused on the desired need for a market correction following the rocket like trend the feeder cattle chart has taken over the last two weeks than any change in market fundamentals.

The St. Joseph, Missouri Stockyards had receipts of 3,714 feeder cattle on Wednesday. Compared to last week, steers were mostly 4.00 to 9.00 higher except 450 to 550 pounds steady after last week’s sharply higher trend for that weight group. Heifers weighing less than 550 pounds were steady to 3.00 higher and those over 550 pounds were 5.00 to 9.00 higher. Demand was good to very good throughout the day on heavy offerings, and the tops of the price ranges tested and in places surpassed towards the end of the sale. Feeder steers medium and large 1 weighing 738 pounds averaged 146.70 per hundredweight. 578 pound heifers averaged 146.14.

Lean hog futures contracts settled .07 to 1.85 higher. The market had been under pressure for much of the session due to the recent pressure in cash markets and eroding pork values. Prices rallied near midday and April through August contracts finished with triple digit gains.

The pork carcass cutout value closed 1.55 lower at 77.49 FOB plant.

Barrows and gilts in the Iowa/Minnesota direct trade closed .80 lower at 65.43 weighted average on a carcass basis, the West down .72 at 65.46, and nationally the market was .44 lower at 65.06. Missouri direct base carcass meat price was steady to 1.00 higher from 58.00 to 62.00. Illinois direct hogs on a live basis closed steady from 40.00 to 49.00. Illinois sows 1.00 higher from 30.00 to 44.00.

For the week ending March 18, Iowa barrows and gilts averaged 281.6 pounds .3 pounds lighter than the previous week and .7 pounds smaller than 2016.

The Thursday hog slaughter was estimated by USDA at 441,000 head, 5,000 less than last week. But 17.000 greater than last year.

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