Market News
Cattle futures up watching direct business develop
By Filed Under: Closing Futures / Livestock Briefs, Livestock, Livestock Markets, Livestock Markets, Market News
At the Chicago Mercantile Exchange, live and feeder cattle were up on the steady to higher cash business that developed on Wednesday. February lives closed $1.12 higher at $198.52 and April lives closed $1.17 higher at $199.32. March feeder cattle closed $1.60 higher at $269.80 and April feeders closed $1.57 higher at $270.12.
There was a light direct cash cattle trade that took place on Wednesday. Live deals in the South were marked at $201, which is about steady with the previous week’s weighted average basis in Kansas and $1 higher in Texas. Asking prices were firm in the South and ranged from $201 to $205 live, but the North remained quiet. Look for more trade to develop before the end of the day Friday.
At the Ozarks Regional Stockyards in Missouri, compared to two weeks ago, feeder steers and heifers sold $4 to $8 higher. Steer calves under 700 pounds were $12 to $18 higher. Heifer calves under 700 pounds were $6 to $12 higher. The USDA says demand was very good on a moderate supply. There were a few sales to highlight – seven weight steers topped $300.00/cwt with ten steers, 708 pounds, brought $301/cwt. Receipts were up from the most recent sale. Feeder supply included 60% steers and 52% of the offering was over 600 pounds. Medium and Large 1 feeder steers 600 to 636 pounds brought $297.50 to $328 and feeder steers 654 to 689 pounds brought $289 to $314. Medium and Large 1 feeder heifers 501 to 543 pounds brought $302.50 to $330 and feeder heifers 600 to 647 pounds brought $264 to $284.
Boxed beef closed mixed with light to moderate demand for moderate offerings. Choice was $1.16 higher at $334.14 and Select closed $.67 lower at $318.04. The Choice/Select spread is $16.10. Estimated cattle slaughter was 124,000 head – up 2,000 on the week and up about 7,000 on the year.
Lean hog futures ended the day mostly higher, supported by cash and wholesale business. February lean hogs closed $.50 lower at $83.12 and April lean hogs closed $.52 higher at $91.02.
Cash hogs closed higher with a big negotiated run. Processors have been more aggressive in their procurement efforts this week and have been bidding up to move needed numbers. Demand for U.S. pork on the global market remains a bright spot, and is helping provide price support. The industry continues to monitor the availability of market-ready hogs and hog weights, which did pull back about a pound from last week, but there still about a pound heavier than last year.
Barrows and gilts at the National Daily Direct were $.07 higher with a base range of $74.50 to $81 and a weighted average of $80.21; the Iowa/Minnesota closed $.19 higher with a weighted average of $80.44; the Western Corn Belt closed $.26 higher with a weighted average of $80.40; the Eastern Corn Belt had no comparison but a weighted average of $77.84.
Butcher hog prices at the Midwest cash markets are steady at $58. At Illinois, slaughter sow prices were $1 higher with moderate demand for moderate offerings at $38 to $50. Barrows and gilts were steady with moderate demand for moderate offerings at $46 to $56. Boars ranged from $20 to $30 and $15 to $25.
Pork values closed higher – up $.62 at $90.83. Ribs, hams, picnics, and bellies were all higher. Butts and loins were lower. Estimated hog slaughter was 490,000 head – up 6,000 on the week and up almost 7,000 on the year.
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