Market News
Cattle futures waiting for direct business to develop
By Filed Under: Closing Futures / Livestock Briefs, Livestock, Livestock Markets, Livestock Markets, Market News
At the Chicago Mercantile Exchange, live cattle were mixed, mostly lower ahead of direct business. Feeders closed higher on the lower move in corn. February live cattle closed $.22 lower at $189.75 and April live cattle closed $.17 lower at $191.57. January feeder cattle closed $1.92 higher at $257.47 and March feeders closed $1.90 higher at $258.27.
Direct cash cattle trade activity was quiet again Tuesday. Bids didn’t surface. Asking prices were floated in the South at $193 to $195 live, the North was quiet. Significant trade volume will likely be delayed until the latter half of the week, especially with Friday’s Cattle on Feed report from the USDA.
At the Callaway Livestock Center in Missouri, steers 450 to 500 pounds were mostly $3 to $10 higher. Steers 500 to 550 pounds were steady to firm. Steers 550 to 650 pounds were $4 to $7 higher with spots of $10 higher. Steers 650 to 700 pounds were steady to firm. Feeder heifers 400 to 500 pounds were steady to firm, with most heifers 500 to 600 pounds steady to $5 higher and spots of $10 higher on heifers 500 to 550 pounds. Heifers 600 to 650 pounds were steady to firm. The USDA says overall quality in the week’s offering was very good with an attractive offering of steer and heifer calves. There were several stick-out sales this week. Receipts were down on the week, but up on the year. Feeder supply included 62% steers and 55% of the offering was over 600 pounds. Medium and Large 1 feeder 510 to 549 pounds brought $324 to $355 and feeder steers 602 to 639 pounds brought $296 to $322. Medium and Large 1 feeder heifers 553 to 595 pounds brought $280 to $305.50 and feeder heifers 600 to 620 pounds brought $280 to $292.
Boxed beef closed lower with light demand for moderate offerings. Choice was $1.74 lower at $315.63 and Select closed $1.07 lower at $288.50. The Choice/Select spread is $27.13. Estimated cattle slaughter was 123,000 head – up 3,000 on the week and down nearly 1,000 on the year.
Lean hog futures ended the day mostly lower on spread trade. February lean hogs closed $.35 lower at $83.20 and April lean hogs closed $.20 lower at $88.05.
Cash hogs closed lower with a fairly light negotiated run. Processors weren’t aggressive in their procurement efforts Tuesday after a solid start to the week. The industry is looking ahead to next week’s Quarterly Hogs and Pigs report to get a better feel of the supply situation. Demand for U.S. pork on the global market continues to be strong, which is helping provide some price support. But there are long-term concerns about domestic demand. Barrows and gilts at the National Daily Direct closed $1.60 lower with a base range of $71 to $80 and a weighted average of $77.79; the Iowa/Minnesota closed $1.98 lower with a weighted average of $77.67; the Western Corn Belt closed $1.82 lower with a weighted average of $77.61. Prices at the Eastern Corn Belt were not reported due to confidentiality.
Butcher hog prices at the Midwest cash markets are steady at $52. At Illinois, slaughter sow prices were $2 lower with moderate demand for heavy 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 lower – down $.50 at $94.77. Butts, ribs, hams, and loins were all lower. Picnics and bellies were higher. Estimated hog slaughter was 488,000 head – even on the week and about even on the year.
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