Market News

Direct cattle prices down on week

Chicago Mercantile Exchange live cattle futures were down and feeders were mostly lower, watching direct cash business. That business during the session was light, with prices below week ago levels. The USDA did raise its 2022 beef production and price outlooks Wednesday in the monthly supply and demand report. April live was down $1.47 at $137.57 and June was $1.50 lower at $133.95. March feeders were the exception, up $.02 at $154.05, and April was down $.17 at $160.15.

Direct cash cattle business was light to moderate. Sales were at $138 live in Kansas, Nebraska, and Colorado, steady with the light to moderate activity Tuesday and down $2 on the week, with lighter trade at mostly $220 dressed in Nebraska and Iowa, a drop of $4. A few dressed sales in Nebraska were reported at $221. Clean-up trade is possible Thursday. Asking prices were $140 live and $222+ dressed, with reported bids at $220 dressed.

Boxed beef closed mixed. Choice was up $.26 at $252.70 and Select was down $.15 at $244.79. The estimated cattle slaughter of 125,000 head was up 2,000 on the week and 4,000 on the year.

At the Huss Livestock Market feeder cattle sale in Nebraska, compared to the previous week, steers weighing 600 to 750 pounds were $2 to $4 higher and steers weighing more than 750 pounds were steady to $4 lower, while heifers were $2 to $10 lower. The USDA says demand was moderate to good, with a smaller crowd because of a winter storm in the area. Medium and Large 1 feeder steers averaging 770 pounds ranged from $158 to $161.50 and steers averaging 805 pounds brought $153 to $157. Medium and Large 1 feeder heifers averaging 747 pounds sold at $142 to $145.25 and heifers averaging 772 pounds were reported at $142.25 to $145.

1,830 head were listed at the Fed Cattle Exchange Wednesday, none were reported as sold, as they did not meet the reserve prices. Another event is scheduled for Thursday.

Lean hog futures were lower on profit taking, ignoring the cash and wholesale business during the session. The USDA lowered its 2022 pork production projection, while raising the price outlook by $5 per hundredweight, now at $71. April was down $1.77 at $101.15 and May was $.82 lower at $107.40.

Cash hogs closed mostly steady to modestly lower with moderate negotiated numbers. Market ready numbers are tighter in parts of the region and it’s been a fairly aggressive week for buyers, but many of those buyers might have near-term needs covered and there are uncertainties about sustained pork demand. The average Iowa/Southern Minnesota barrow and gilt weight for the week ending March 5^th was 287.5 pounds, down three tenths on the week, but up seven tenths on the year.

National direct barrows and gilts closed $.49 lower with a base price range of $94 to $112 and a weighted average of $103.47, while Iowa/Southern Minnesota was down $.11 at $109.87 and the Western Corn Belt was $.86 lower at $109.29. Butcher hogs at the Midwest cash markets were steady at $70. Illinois direct sows were $2 higher at $67 to $78 on moderate demand and offerings. Barrows and gilts were $4 higher at $63 to $69 with moderate demand for moderate offerings. Boars ranged from $15 to $42.

Pork closed $2.34 higher at $107.74. Hams were up $13.92, while loins, butts, picnics, ribs, and bellies were lower. The estimated hog slaughter of 482,000 head was up 1,000 on the week, but down 9,000 on the year.