Market News

Livestock prices end the week higher

The cash cattle trade was completed on Thursday with prices 6.00 to 7.00 higher in Kansas from 135.00 to 138.50. In the Texas panhandle live sales ranged from 135.00 to 138.50 and were 6.00 higher. Live sales in Nebraska were 2.00 to 6.00 higher from 135.00 to 140.00, with dressed sales 7.00 to 9.50 higher from 215.00 to 219.00. Western Cornbelt cattle live purchases 2.00 to 3.00 higher mostly 132.00 to 137.00, and dressed sales 7.00 higher from 210.00 to 219.00. The weekly cattle slaughter at 624,000 head, 29,000 more than last week, and 34,000 more than last year.

Boxed beef cutout values higher to sharply higher on moderate to good demand and moderate to heavy offerings. Choice boxed beef was up 2.63 at 221.78, select 207.68, up 1.00.

Chicago Mercantile Exchange live cattle contracts settled 1.62 to 2.50 higher as futures developed late day buyer activity on the last trading day of April with front month futures posting the 2.50 gain. This sparked additional support in other nearby contacts following what previously had been lackluster interest in the rest of the complex. Sharp fundamental and technical support at the end of the month is expected to spring board trade activity into renewed buyer activity early next week with a fresh month on the books as traders move back into the market.

Feeder cattle contracts settled 2.27 to 4.35 higher as firm buyer support moved into the feeder cattle futures at midday. The August contract led the market higher with a 4.35 gain. The focus in the market was on the strong cash support as well as underlying fundamental and technical support that developed through the entire complex at the end of April.

Feeder cattle receipts at Missouri auctions this week totaled 33,074 head Compared to the previous week feeders sold steady to 5.00 higher with several cattle selling 10.00 higher mid to late week. Early in the week a few of the bigger southern markets did quote some feather weight calves a few dollars lower, but buyers quickly found lower money was not going to get the job done this week. Prices have gotten back to levels not seen in nearly a year and climbed at a very sharp pace this week. Feeder steers medium and large 1 averaging 625 pounds averaged 161.28 per hundredweight. 624 pound heifers brought 141.19.

Lean hogs settled .07 to 1.27 higher as firm buyer support quickly stepped back into the complex. Triple digit gains were seen from June through August contracts. The ability to hold current support and push prices above $73.00 per hundredweight in monthly charts is expected to create additional firm support as traders move into the month of May.

Barrows and gilts in the Iowa/Minnesota direct trade closed 1.06 higher at 57.03, weighted average on a carcass basis, the Western market were up 1.09 at 56.88, and nationally the market was .75 higher at 56.21. Missouri direct base carcass meat price was steady from 47.00 to 49.00.

The pork carcass cutout value was .81 higher at 74.46 FOB plant.

Feeder pig receipts nationally this week totaled 92,198 head. Early weaned pigs were 2.00 per head lower. All feeder pigs were 3.00 per head lower. The demand was moderate for moderate offerings. Early weaned pigs on a per head basis 22.00 to 35.00. 40 pound basis 45.00 to 63.00. Prices quoted are on a per head basis delivered to the buyer’s farm. Prices include freight and fees on a farm to farm basis.

The weekly hog slaughter was estimated at 2,290,000 head, 3,000 more than last week, and 164,000 greater than last 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!