Market News

Scattered cattle deals in Texas at $138

Cattle closed mixed on Thursday with live cattle down on low export totals and feeders higher on a drop in corn prices. Mixed boxed beef limited upward pressure for live cattle. Cattle futures will continue to closely watch cash trade to close the year.

Light direct cash cattle trade was reported in Texas at $138.00, $3.00 higher than last week’s weighted average. At the time of this broadcast, others in the South were holding out for $140.00. Northern business essentially ended earlier in the week at mostly $220.00 to $222.00, $3.00 to $5.00 higher. Asking prices are around $140 plus in the South, and $224 in the North. A special Fed Cattle Exchange Auction Thursday listed a total of 1,303 head, of which none sold because they didn’t meet the reserve prices.

Boxed beef closed mixed. Choice boxes were down $.45 at $265.26. On the other hand, select boxes were $1.14 higher at $258.23, leaving the spread between choice and select boxes at $7.03.

Estimated Thursday cattle slaughter is 117,000, the same as last week, 23,000 more than a year ago.

There’ve been no cattle auctions to speak of this week, but in Nebraska barns last week, compared to the week prior, steers under 600 pounds sold $10.00 lower, heavier weights were $2.00 to $3.00 lower. Heifers under 500 pounds sold $9.00 lower on a thin test, 500-to-800-pound heifers were steady, 800-to-900-pounders were $6.00 lower and heifers over 900 pounds sold $3.00 higher. Demand was moderate to good with several buyers in attendance as well as some internet buying going on.

Medium and large #1 steers:
293 head, weighing 550 to 595 pounds, brought $170.00 to $190.00.
358 head, weighing 600 to 648 pounds, brought $167.00 to $176.75.
906 head, weighing 806 to 848 pounds, brought $154.00 to $167.00.

Medium and large #1 heifers:
311 head, weighing 500 to 546 pounds, brought $156.00 to $177.75.
501 head, weighing 601 to 648 pounds, brought $151.00 to $166.00.
236 head, weighing 751 to 790 pounds, brought $147.00 to $156.00.

Hog futures closed lower. Processor concerns over incoming Prop 12 has added bearish pressure into the market.  Packer concerns with COVID 19 will be adding volatility in hog futures, especially in nearby contracts.

Pork demand is good, with carcass prices gaining Thursday. That demand is uncertain into 2022 but tightening pig supplies from the latest numbers report are providing a bullish attitude in cash hogs.

National Direct cash hog prices were delayed because of packer submission issues.

The pork carcass cutout closed $7.06 higher at $91.35. Loins gained $18.32, to close at $87.03. Bellies were $12.38 higher at $139.04.

Thursday’s estimated hog slaughter is 463,000, 9,000 more than last week 45,000 more than last year.