Market News

Cash cattle trade significantly higher

The cash cattle trade slowed down on Friday afternoon essentially done for the week, especially given the boards disappointing finish. Fed cattle traded in the South at 105.00, $5.00 higher than last week. Most of the trading in Nebraska was marked at 105.00 live, $6.00 higher, and 164.00 dressed, and mostly $7.00 higher Final summaries issued by Mandatory on Monday should document a big day, in terms of better prices and fairly active trade volume. The weekly cattle slaughter was estimated by USDA at 613,000 head, 11,000 more than last week and 58,000 greater than last year.

Boxed beef cutout values are higher on moderate to fairly good demand and light to moderate offerings. Choice beef 183.11, up 1.57, and select 1.35 higher at 170.16.

Live and feeder cattle futures trended higher for much of the session on Friday following an active cash trade that developed in all areas. But futures reversed from the early highs to close moderately lower in the live market and sharply lower in the feeder trade. Live cattle contracts settled .42 to .90 lower, and the feeder futures ended 1.65 to 2.52 lower.

Feeder cattle receipts at Missouri Auctions this week totaled 27,800 head. Compared to last week, feeder steers and heifers sold 7.00 to 10.00 higher. Nearly all segments of the cattle industry including the local auction barns continued to follow the upward trend that started mid last week. The feeder supply was towards the upper side of moderate, none of the local barns had huge runs but they were generally much larger than any previous weeks this fall. Overall demand was moderate to good. Feeder steers medium and large 1 averaging 628 pounds traded at 127.27 per hundredweight. 626 pound heifers brought 118.27.

Barrows and gilts in the Iowa/Minnesota direct trade closed .34 lower at 44.87 weighted average on a carcass basis, the West was down .22 at 44.77, and nationally the market was .18 lower at 44.48. Missouri direct base carcass meat price was steady from 38.00 to 39.00. Midwest hogs on a live basis closed steady to 4.00 lower from 25.00 to 32.00.

Lean hog contracts settled .20 to 1.67 higher as strong gains held across the complex as traders continued to steadily and consistently move into nearby contracts. The December contract pushed above $46.00 per hundredweight with the focus in the complex driven by overall market stability and the ability of long term market growth while increased buyer support is moving back into deferred contracts.

The pork carcass cutout value was .48 higher at 72.89.

Feeder pig receipts nationally this past week totaled 126,239 up significantly from last week and last year. Early weaned pigs 5.00 per head higher. All feeder pigs were steady. The demand was moderate to good for moderate to heavy offerings. All prices quoted are on a per head basis delivered to the buyer’s farm, and include freight and fees on a farm to farm basis. Early weaned pigs, 10-12 pound basis 12.00 to 29.00. 40 pound pigs 18.00 to 27.50 per head.

This week’s hog slaughter is estimated at 2,401,000 head, 113,000 less than last week, but 147,000 more than last year.