Market News

Live cattle futures move higher watching corn

Chicago Mercantile Exchange live cattle futures were modestly higher and feeder cattle were sharply lower, watching corn and the direct cash markets. August live was up $.80 at $122.72 and October was $.40 higher at $128.15. August feeders were down $2.77 at $154.62 and September was $2.37 lower at $157.42.

Light to moderate direct cash cattle trade took place on Wednesday following Tuesday’s light business across most areas.  Deals in the South came in at $120 to $122 live, steady to $2 lower than last week’s weighted averages. Dressed business in Nebraska came in at $198, about $1 higher than most of last week’s business.

Boxed beef closed lower on light demand for moderate offerings.  Choice ended the day $1.05 higher at $291.29 and Select closed $1.13 lower at $269.27.  The Choice/Select spread is $22.02. 

At the Huss Livestock Auction in Kearney, Nebraska, compared to two weeks ago, steers sold $3 to $8 higher.  There wasn’t a good comparison for heifers. USDA says demand was good.  Receipts were down on the week but up on the year.  Feeder supply included 69 percent steers and 87 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 720 to 735 pounds brought $159.00 to $162.00 and feeder steers 766 to 785 pounds brought $149.50 to $155.00. Medium and Large 1 feeder heifers 500 to 535 pounds brought $148.00 to $151.00 and feeder heifers 773 to 790 pounds brought $138.75 to $145.25. 

Estimated cattle slaughter is 120,000 head – up 3,000 on the week and 2,000 on the year.

Lean hog futures were mixed, adjusting spreads ahead of the weekly export sales numbers. July was up $.50 at $107.47 and August was down $.37 at $103.25.

Cash hogs finished higher on heavy negotiated numbers. Large processing numbers are signaling that packer demand remains strong allowing for the ample amount of market ready hogs to be moved through the supply chain.

Cash hogs at the national direct finished with a weighted average of 113.02. The Iowa/Minnesota had a weighted average of 114.14. The Western Cornbelt had a weighted average of 114.42. The Eastern Cornbelt had a weighted average of $111.82.

Pork values closed slightly lower – down $.38 at $113.84. Butts and ribs closed sharply lower, down more than $11. Loins, bellies and picnics were lower. Hams were sharply higher, up more than $9.

At Illinois, slaughter sow prices were firm with good demand for heavy offerings at $45 to $60.  Barrow and gilt prices were weak with good demand for heavy offerings at $76 to $80.  Boars ranged from $10 to $50. 

Estimated hog slaughter is 470,000 head – down 6,000 on the week but up 1,000 on the year.

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