Market News

Live cattle, hog futures head into Friday higher

At the Chicago Mercantile Exchange, live cattle ended the day higher, supported by the week’s stronger cash business.  Feeders were pressured by the higher move in corn.  October live cattle closed $.62 higher at $145.10 and December live cattle closed $.37 higher at $151.07.  September feeder cattle closed $.40 lower at $184.60 and October feeder cattle closed $.32 lower at $186.85. 

There was light to moderate direct cash cattle business on Thursday following the light to moderate trade that took place on Wednesday.  Live deals in the South were at $140, $3.50 to $4.50 higher than last week’s weighted averages.  There was a light round of dressed business in the North, generally steady with the week’s previous deals. So far this week, dressed deals in the North were at mostly $229, about $2 higher than last week’s weighted average basis in Nebraska. 

At the OKC West Livestock Auction in Oklahoma, compared to last week feeder steers were $5 to $7 higher.  Feeder heifers were $2 to $4 higher.  The USDA says demand was good to very good for feeders, especially cattle over 900 pounds.  Steer and heifer calves under 500 pounds were $10 to $14 higher and calves over 500 pounds were $2 to $4 higher.  Demand was very good for lightweight weaned calves and good for heavier weights.  Receipts were up on the week and the year.  Feeder supply included 56% steers and 76% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 706 to 747 pounds brought $177 to $185.50 and feeder steers 800 to 847 pounds brought $171.50 to $179.  Medium and Large 1 feeder heifers 662 to 693 pounds brought $168 to $188 and feeder heifers 885 to 896 pounds brought $155 to $161.50.   

Boxed beef closed mixed on light demand for fairly light offerings.  Choice closed $.13 lower at $263.10 and Select closed $.38 higher at $237.46.  The Choice/Select spread is $25.64. Estimated cattle slaughter 125,000 head – even on the week and up 9,000 on the week.

Lean hog futures were supported by higher pork values during the session.  October lean hogs closed $.22 higher at $101.07 and December lean hogs closed $.65 higher at $90.62. 

Cash hogs closed sharply lower with a light negotiated run.  Processors didn’t have to bid up to move numbers today and weren’t aggressive in their procurement efforts, prices reflected that.  Demand for US pork on the global market has been helping provide price support, but there are long-term concerns adding pressure to the market.  The industry continues to monitor the availability of market-ready hogs. Barrows and gilts at the National Daily Direct closed $11.11 lower with a base range of $114 to $135 and a weighted average of $121.37; the Iowa/Minnesota closed $3.33 lower with a weighted average of $131.54; the Western Corn Belt closed $3.84 lower with a weighted average of $131.33.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets were steady at $75. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $71 to $83.  Barrows and gilts were steady with moderate demand for moderate offerings at $77 to $86.  Boar ranged from $45 to $55 and $10 to $20. 

Pork values closed weak– down $.36 at $123.31.  Butts were sharply lower.  Loins, bellies, and ribs were all lower.  Hams and picnics closed higher. Estimated hog slaughter 470,000 – even on the week and up 5,000 on the year. 

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