Market News

Hog futures start week on higher move

Chicago Mercantile Exchange live and feeder cattle futures were lower, with feeders leading the way down on the higher move in corn. December live was down $.42 at $128.85 and February was $.32 lower at $133.90. November feeders were $2.17 lower at $154.40 and January was down $3.40 at $152.72.

Direct cash cattle trade wasn’t able to be established Monday but showlists are appearing to be smaller across the country. Trade could follow last week with the bulk of the business taking place on Wednesday with scattered clean-up trading on Thursday and Friday.

Boxed beef cutout values closed higher on moderate supply; choice is $1.86 higher at $287.58 and select is $1.02 higher at $264.39. The choice/select spread is $23.19.

Estimated cattle slaughter is 121,000, down 1,000 on the week but up 1,000 on the year.

At the Sioux Falls Regional Cattle Auction in Worthing, South Dakota, compared to last week, feeder steers were unevenly steady, and feeder heifers were unevenly steady on a light test. USDA says demand was moderate on a limited number but quality set of cattle. Receipts were sharply down on the week and year. Feeder supply included 68 percent steers and 86 percent of the offering was over 600 pounds. Medium and large 1 feeder steers weighing 606 to 633 pounds brought $146 to $158 and feeder steers from 850 to 896 pounds brought $149.25 to $157.60. Medium and Large 1 feeder heifers from 507 to 544 pounds brought $144 to $156 and feeder heifers from 782 to 789 pounds brought $144 to $150.50.

Lean hog futures were mostly modestly higher on spread trade and the positive fundamentals during the session. December was up $.07 at $76.15 and February was $.12 higher at $78.80.

Cash hogs closed higher. Barrows and gilts at the National Daily Direct are 25 cents higher with a base range of $60 to $62.50 for a weighted average of $61.03. The Iowa/Minnesota has a weighted average of $62.09; the Western Cornbelt has a weighted average of $62.07; the Eastern Cornbelt has a weighted average of $60.71.

Pork values closed sharply lower, down $4.08 at $92.44. Hams closed more than $20 lower, loins are down nearly $5. Bellies are up more than $9; butts, picnics, and ribs are all higher.

Estimated hog slaughter is 481,000 head, up 3,000 on the week but down 11,000 on the year.

Add Comment

Your email address will not be published.


Stay Up to Date

Subscribe for our newsletter today and receive relevant news straight to your inbox!