Market News

Hogs were higher cattle end lower

The cattle trade was completed on Friday with just a few head trading in cleanup activity at 124.00 live and 193.00 dressed. USDA Mandatory reported cattle trading and demand was light to moderate in the Texas Panhandle and Kansas on Thursday afternoon. Compared to last week, live sales were $ 3.00 lower at 124.00. Eastern Nebraska and Western Iowa trading was moderate on moderate demand. Compared to last week, live sales in Nebraska were 1.00 to 3.00 lower at 124.00, with dressed sales 2.00 to 4.00 lower in Nebraska, and 4.00 lower in Iowa at 196.00.

The weekly cattle kill was estimated at 590,000 head, 3,000 more than last week, and 26,000 more than last year.

Boxed beef cutout values were lower on light to moderate demand and offerings. Choice beef was down 1.05 at 211.45, and select was .82 lower at 202.27.

Feeder cattle receipts at Missouri auctions this week totaled 25,038 head. Compared to last week, feeder steers and heifers statewide sold mostly 5.00 lower. Locally some auctions found a few instances of slightly steady to slightly stronger markets on certain classes or types of cattle and there were also other spots where the market was 10.00 lower. Feeder steers medium and large 1 averaging 570 pounds traded at 164.64 per hundredweight. 570 pound heifers brought 148.26.

Chicago Mercantile Exchange live cattle contracts settled 12 to 95 points higher in late week short covering and profit taking. The last two sessions have been a tough ride for bulls, such that Friday’s firmer tone probably doesn’t say much per se.

Feeder cattle settled 27 points lower to 70 higher in rather choppy action in light trade volume. Most of the morning session saw lower price action, but late week short covering lifted most issues back into the black.

Lean hogs settled 5 points lower to 92 higher with May through August up the most with only a few 217 contracts in the red. A couple of summer months closed above $81.00, they stand to make new technical friends when trading resumes Monday according to John Harrington at DTN.

Barrows and gilts in the Iowa/Minnesota direct trade closed .68 higher at 70.40 weighted average on a carcass basis, the West was up .73 at 70.35, and nationally the market was up .86 at 69.28. Missouri direct base carcass meat price was steady to 1.00 higher from 56.00 to 63.00. Midwest hogs on a live basis were steady from 40.00 to 50.00.

The pork carcass cutout value was up.57 at 82.54 FOB plant. Bellies, butts and ribs were all higher.

Early weaned and all feeder pigs were 2.00 per head lower in the national report on Friday, The demand was moderate for moderate offerings. Early weaned pigs, 10 to 12 pound basis traded from 31.00 to 44.00 per head. 40 pound pigs from 60.00 to 78.50.

The weekly hog kill was estimated at 2,139,000, 102,000 less than last week, and down 12,000 from last year.