Hog futures head into the end of the week mixed
June 10, 2021 By Meghan Grebner Filed Under: Closing Futures / Livestock Briefs, Livestock, Livestock Markets, Livestock Markets, Market News
At the Chicago Mercantile Exchange, live cattle closed mostly higher on spread trade and feeder cattle closed higher on oversold signals. June live cattle closed $.17 higher at $117.57 and August live cattle closed $.27 higher at $118.55. August feeder cattle closed $.12 higher at $148.40 and September feeder cattle closed $.15 higher at $150.90.
There was a very light, scattered direct cash cattle trade that took place on Thursday. Dressed deals ranged from $190 to $191. It’s likely the bulk of the week’s business has wrapped up, however, there could be some cleanup trade trickle in before the end of the day Friday. So far this week, Southern live deals were marked at $118 to $120, generally steady with last week’s trade. Northern dressed deals had a full range of $189 to $196, mostly $190 to $191, also generally steady with last week’s business.
At the Springfield Livestock Market in Missouri, compared to last week, feeder steers were $2 to $4 lower. Feeder heifers were steady to $3 higher. The USDA says supply was moderate with good demand. Receipts were up on the week and the year. Feeder supply included 42% steers and 43% of the offering was over 600 pounds. Medium and Large 1 feeder steers 500 to 545 pounds brought $155 to $166 and feeder steers 562 to 577 pounds brought $158 to $162. Medium and Large 1 feeder heifers 503 to 546 pounds brought $133.50 to $145 and feeder heifers 601 to 647 pounds brought $126 to $138.
Boxed beef closed mixed on light to strong demand for moderate offerings. Choice closed $.40 lower at $338.25 and Select closed $2.53 higher at $310.40. The Choice/Select spread is $27.85. Estimated cattle slaughter is 121,000 head – up 1,000 on the week and up 5,000 on the year.
Lean hog futures ended the day mixed on spread adjustments. June lean hogs closed $.50 higher at $122.45 and July lean hogs closed $.17 lower at $121.32.
Cash hogs ended the day higher to sharply higher with a solid negotiated run. Packers remain aggressive in their procurement efforts and are bidding up to move their desired numbers. Demand for US pork has been strong on the global market and domestically and that’s provided a lot of price support. The industry expects that to continue. However, should a disruption occur, it would likely send prices tumbling. Barrows and gilts at the National Daily Direct closed $4.72 higher with a base range of $101.80 to $132 and a weighted average of $119.78; the Iowa/Minnesota closed $.80 higher with a weighted average of $124.66; the Western Corn Belt closed $1.78 higher with a weighted average of $125.10; the Eastern Corn Belt had no comparison but a weighted average of $108.89.
Butcher hog prices at the Midwest cash market are steady at $75. At Illinois, slaughter sow prices were steady, with moderate demand for moderate offerings at $38 to $49. Barrow and gilt prices were firm with moderate to good demand for moderate to heavy offerings at $75 to $80. Boars ranged from $45 to $50 and $12 to $18.
Pork values closed lower – down $.33 at $134.05. Ribs dropped $20 on Thursday. Hams were also sharply lower. Loins, bellies, picnics, and butts were higher to sharply higher. Estimated hog slaughter is 482,000 head – up 12,000 on the week and up 47,000 on the year.
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