Market News

Live cattle mixed heading into the end of the week

At the Chicago Mercantile Exchange, live cattle ended the day mixed watching direct markets, while feeders were down on the day’s higher move in corn.  April live cattle closed $1 higher at $124.15 and June live cattle closed $.25 lower at $125.02.  April feeder cattle closed $.50 lower at $147.12 and May feeder cattle closed $1.07 lower at $151.60. 

There was very light direct cash cattle trade that took place on Thursday following the active business at Midweek.  Deals in Eastern Nebraska were at $196 dressed and $123 live.  Those dressed deals were $6 higher, while live business is $4 higher than last week’s weighted average basis in Nebraska. Asking prices for cattle left on showlists are around $122 plus live in the South and $197 dressed in the North.   There was a moderate live trade that took place in the South on Wednesday at mostly $120 to $121, $3 to $4 higher than the bulk of last week’s business.  There was a light trade that took place in the North with deals at $122 to $123, $3 to $4 higher than the bulk of last week’s business.  There were a handful of dressed deals at $195. 

At the Green City Livestock Auction in Missouri, compared to two weeks ago, steers and heifers were fully $4 to $8 higher.  The USDA says quality and condition was really good and the market was active.  Receipts were up from two weeks ago.  Feeder supply included 42 percent steers and 50 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 551 to 597 pounds brought $167 to $176 and feeder steers 608 to 643 pounds brought $163.50 to $169.  Medium and Large 1 feeder heifers 504 to 543 pounds brought $152.50 to $165 and feeder heifers 606 to 694 pounds brought $137.25 to $155. 

Boxed beef closed sharply higher with strong demand for moderate offerings.  Choice closed $4.19 higher at $270.50 and Select closed $8.64 higher at $263.83.  The Choice/Select spread is $6.67.  Estimated cattle slaughter is 119,000 head – up 6,000 on the week and up 21,000 on the year. 

Lean hog futures ended the day mostly higher, supported by cash and wholesale business.  April lean hogs closed $.60 higher at $103.47 and May lean hogs closed $.97 higher at $105.42. 

Cash hogs closed higher with a big negotiated run.  Packers continue their aggressive procurement efforts.  The industry continues to monitor the availability of market-ready hogs.  Demand for US pork has been strong on both the global market and domestically, and that has been supportive to prices.  That is expected to continue.  Barrows and gilts at the National Daily Direct closed $.22 higher with a base range of $92 to $102 and a weighted average of $99.41; the Iowa/Minnesota closed $.50 higher with a weighted average of $101.25; the Western Corn Belt closed $.62 higher with a weighted average of $101.12.  Prices at the Eastern Corn Belt were not reported due to confidentiality.  

Butcher hog prices at the Midwest cash markets are steady at $60.  At Illinois, slaughter sow prices were mixed with good demand for moderate to heavy offerings at $68 to $80.  Barrow and gilt prices were mixed with good demand for moderate to heavy offerings at $65 to $70.  Boars ranged from $35 to $40 and $15 to $20.

Pork values closed firm – up $.31 at $111.  Hams, ribs, and butts were all sharply higher.  Loins, picnics, and bellies were lower to sharply lower. Estimated hog slaughter is 492,000 head – up 1,000 on the week and up 24,000 on the year.