Market News
Cattle futures higher ahead of widespread direct business
By Filed Under: Closing Futures / Livestock Briefs, Livestock, Livestock Markets, Livestock Markets, Market News
At the Chicago Mercantile Exchange, live and feeder cattle were higher, waiting on direct business to develop. Boxed beef was higher at midday. February live cattle closed $2.72 higher at $190.10 and April lives closed $3.05 higher at $192.60. January feeder cattle closed $3.45 higher at $259.30 and March feeder cattle closed $4.50 higher at $259.50.
Direct cash cattle trade was quiet again on Thursday. Bids did surface at $190 live and $305 dressed, both out of the North. Asking prices were at $192 to $193 live in the South, and firm at $310 dressed in the North. One side is going to have to give way in order for business to get underway.
In South Dakota last week, steer calves were $5 to $10 lower and heifer calves were $5 to $10 lower with instances of $15 lower on 400 to 450 heifers. Yearling feeder steers were $2 to $5 lower, heifers were unevenly steady. The USDA says demand was good for steer and heifer calves, but the market was not as active. Receipts were down on the week, but up on the year. Feeder supply included 56% steers and 64% of the offering was over 600 pounds. Medium and Large 1 feeder steers 550 to 590 pounds brought $320 to $361 and feeder steers 651 to 699 pounds brought $276 to $324. Medium and Large 1 feeder heifers 501 to 549 pounds brought $290 to $335 and feeder heifers 600 to 646 pounds brought $262 to $315.
Boxed beef closed sharply higher with good demand for heavy offerings. Choice was $4.41 higher at $320.39 and Select closed $2.02 higher at $288.77. The Choice/Select spread is $31.62. Estimated cattle slaughter was 119,000 head – down 2,000 on the week and down more than 5,000 on the year.
Lean hog futures ended the day mixed on spread adjustments. Have you really lean hogs closed $.17 lower at $84.20 and April lean hogs closed $.07 higher at $89.25.
Cash hogs closed mixed with a moderate negotiated run. Packers appear to be more aggressive in their procurement efforts following the midweek holiday and ahead of another holiday-shortened week. Demand for U.S. pork on the global market has been strong, which has been helping provide price support. The industry continues to monitor supplies of market-ready hogs and hog weights. Barrows and gilts at the National Daily Direct closed $.48 lower with a base range of $71 to $80 and a weighted average of $79.08; the Iowa/Minnesota and the Western Corn Belt had no comparisons but weighted averages of $79.36 and $79.31. Prices at the Eastern Corn Belt were not reported due to confidentiality.
At Illinois, slaughter sow prices were steady with moderate demand for light offerings at $32 to $44. Barrows and gilts were steady with moderate demand for moderate offerings at $48 to $58. Boars ranged from $20 to $30 and $15 to $25.
Pork values closed higher – up $1.07 at $95.69. Hams, loins, ribs and butts are all higher. Picnics and bellies were lower. Estimated hog slaughter was 490,000 head – up 3,000 on the week and up nearly 3,000 on the year.
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