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Live and feeder cattle, lean hog close higher

At the Chicago Mercantile Exchange, live and feeder cattle futures were mostly higher, getting ready for the USDA’s Cattle on Feed report, which was out after the close. There was limited influence from the losses in corn, midday boxed beef, and the week’s steady to lower direct trade. June live cattle were up $.17 at $164.52 and August was $.12 higher at $163.55. May feeders were $.05 higher at $212.40 and August was up $.35 at $229.87.

Direct cash cattle trade ended the week quiet with the majority of the business finished midweek. Southern live deals have been at mostly $175, that is fully steady in Texas, but $1 lower in Kansas when compared to the prior week’s weighted averages. Northern dressed transactions have been at mostly $288, $2 lower than last week’s weighted averages. Live sales in Nebraska and Iowa have been marked, at mostly $180 to $183, generally steady with the previous week’s weighted averages. Asking prices for cattle left on showlists are around $176-plus in the South, and $290 in the North.

At the, Ogallala Livestock Auction in Nebraska, compared to last week, there was no comparison.  The USDA says demand was steady to good with a nice selection of feeders and grass cattle offered.  While there was some precipitation across the area, any forage growth will be slowed due to abnormally low temperatures.  Lows are forecast to be in the mid to lower 20s with a few scattered rain showers.  Receipts were up on the week, but down on the year. Feeder supply included 61 percent steers and 63 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 503 to 544 pounds brought $246 to $261 and feeder steers 754 to 787 pounds brought $207 to $225.50.  Medium and Large 1 feeder heifers 462 to 499 pounds brought $240 to $254 and feeder heifers 777 to 794 pounds brought $181.50 to $188.

Boxed beef closed sharply lower.  Choice was $.39 lower and Select $.94 lower.  The Choice/Select spread is $18.80. Estimated cattle slaughter is 108,000, down 4,000 on the week and 12,000 on the year.

Lean hog futures were up, supported by oversold signals and the sharply higher midday move in pork. May was $.20 higher at $77.02 and June was up $1.00 at $86.07.

Cash hogs closed mixed. Processors moved their needed numbers earlier in the week and weren’t aggressive in their procurement efforts.  There are some industry concerns that a slowing, global economy will impact demand for US pork. Domestically, wholesale business is showing some signs of improvement, but the industry is wary about sustained demand ahead of grilling season, even with pork competitively priced when compared to beef.

Barrows and gilts at the National Daily Direct were $.90 lower with a base range of $60 to $70 with a weighted average price of $66.02; at the Iowa/Southern Minnesota and Eastern Corn Belt did not report due to confidentiality reasons. The Western Corn blet was $.39 higher with a weighed average price of $68.86.  

Butcher hog prices did not report on Friday. Pork values closed $2.28 higher.  Loins, butts and ribs were higher.  Hams and bellies were sharply higher and picnics were lower. Estimated hog slaughter was 469,000, 3,000 higher on the week and 9,000 higher on the year.

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