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Hog futures mixed heading into midweek

At the Chicago Mercantile Exchange, live cattle ended the day mostly higher, and feeders were mixed, watching corn and direct cash business develop.  June live cattle closed $.50 higher at $116.72 and August live cattle closed $.05 higher at $117.82.  August feeder cattle closed $.95 lower at $149.25 and September feeder cattle closed $.67 lower at $151.95. 

A light, scattered direct cash cattle trade took place on Tuesday.  Deals in Nebraska were at $120 live and $190 to $191 dressed and in Iowa at $190 dressed, all fully steady with last week’s weighted average basis in Nebraska. Look for business to pick up as the week progresses.    

At the Joplin Regional Stockyards in Missouri, compared to two weeks ago feeder steers were steady to $3 higher and feeder heifers were steady to $3 lower.  The USDA says supply was heavy and demand was good.  Receipts were up from two weeks ago and on the year.  Feeder supply included 55% steers and 53% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 601 to 642 pounds brought $167 to $177 and feeder steers 861 to 891 pounds brought $127 to $139.25.  Medium and Large 1 feeder heifers 500 to 546 pounds brought $136 to $149 and feeder heifers 700 to 742 pounds brought $124 to $135. 

Boxed beef closed mixed on light demand for moderate offerings.  Choice closed $.01 higher at $338.61 and Select closed $2.99 lower at $306.18.  The Choice/Select spread is $32.43.   Estimated cattle slaughter is 120,000 head – up 26,000 on the week and up 5,000 on the year.  Monday’s cattle slaughter has been revised to 115,000 head. 

Lean hog futures ended the day mixed on spread adjustments with pork values higher at midday and cash hog prices lower during the session. June lean hogs closed $.80 higher at $120.70 and July lean hogs closed $.30 lower at $121.80. 

Cash hogs closed sharply higher with a moderate negotiated run.  Processors bid up to move numbers on Tuesday, which has been the overall trend.  The recent demand for US pork on the global market and domestically has been largely supportive to prices, and the industry expects that to continue.  However, should a disruption to the supply chain occur it would likely send prices tumbling.  Barrows and gilts at the National Daily Direct closed $1.93 higher with a base range of $100.47 to $123 and a weighted average of $112.34.  The Iowa/Minnesota closed $4.91 higher with a weighted average of $116.35; the Western Corn Belt closed $4.86 higher with a weighted average of $120.39.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $75. At Illinois, slaughter sow prices were steady with moderate to good demand for heavy offerings at $38 to $50.  Barrow and gilt prices were $2 higher with moderate to good demand for moderate to heavy offerings at $73 to $78.  Boars ranged from $45 to $50 and $12 to $18. 

Pork values closed higher – up $.21 at $134.94.  Butts, bellies, and hams were all higher to sharply higher.  Loins and picnics were lower to sharply lower.   Estimated hog slaughter is 485,000 head – up 95,000 on the week and up 41,000 on the year.  Monday’s hog slaughter has been revised to 478,000 head. 

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