Market News
Live cattle futures mixed watching direct business develop
By Filed Under: Closing Futures / Livestock Briefs, Livestock, Livestock Markets, Livestock Markets, Market News
At the Chicago Mercantile Exchange, live cattle were mixed, and feeders were lower ahead of the week’s direct cash business. February live cattle closed $.30 higher at $197.05 and April live cattle closed $.17 lower at $197.32. March feeder cattle closed $.80 lower at $267.25 and April feeders closed $1.65 lower at $266.57.
Direct cash cattle trade activity developed late in the day Tuesday. Live deals in parts of the South were at $201, fully steady with the previous week’s business. The North remained very quiet. Look for more trade to develop over the balance of the week.
At the Joplin Regional Stockyards in Missouri, feeder steers were steady, except for weights under 475 pounds, which were $12 lower. Feeder heifers sold from $2 lower to $8 higher, with weights under 450 pounds bringing up to $25 higher. The USDA says supply was heavy with very good demand. Receipts were up on the week and the year. Feeder supply included 60% steers and 65% of the offering was over 600 pounds. Medium and Large 1 feeder steers 600 to 648 pounds brought $306 to $332 and feeder steers 752 to 797 pounds brought $264 to $279. Medium and Large 1 feeder heifers 603 to 649 pounds brought $267 to $288 and feeder heifers 702 to 748 pounds brought $250 to $264.
Boxed beef closed mixed on light to moderate demand for solid offerings. Choice was $1.11 lower at $332.05 and Select closed $.11 higher at $319.55. The Choice/Select spread is $12.50. Estimated cattle slaughter was 124,000 head – down 1,000 on the week and down about 1,000 on the year.
Lean hog futures ended the day mixed on spread trade with cash business steady to firm and pork values lower at midday. February lean hogs closed $.07 higher at $81.20 and April lean hogs closed $1.62 lower at $86.70.
Cash hogs closed higher with a fairly light negotiated run. Processors were able to move needed numbers without having to get too aggressive in their procurement efforts. Demand for U.S. pork on the global market has been strong, and that’s helping provide price support. But there are concerns as the Trump administration has threatened tariffs of 25% on Canada and Mexico by February 1, 2025. This is a departure from his previous declaration that tariffs would be implemented on the first day of his administration. Any disruption to demand could also negatively impact prices. Barrows and gilts at the National Daily Direct were $.58 higher with a base range of $73 to $81 and a weighted average of $79.75; the Iowa/Minnesota closed $.61 lower with a weighted average of $79.78; the Western Corn Belt closed $.55 lower with a weighted average of $79.84. Prices at the Eastern Corn Belt were not reported due to confidentiality.
Butcher hog prices at the Midwest cash markets were steady at midday at $55. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $37 to $49. 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 lower – down $1.49 at $90.82. Loins, hams, butts, ribs, and picnics were all lower. Bellies were higher. Estimated hog slaughter was 489,000 head – up 12,000 on the week and up about 10,000 on the year.
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