Market News

Cattle futures mixed in light trade volume

At the Chicago Mercantile Exchange, cattle futures ended the day mixed in light trading volume.  Live cattle were pressured by post-holiday profit taking and feeder cattle futures found support in short-covering, weaker corn prices, and strength in the wholesale value at midday.  December live cattle closed $.47 lower at $118.57 and February live cattle closed $.90 lower at $124.57.  January feeder cattle closed $.57 higher at $153.30 and March feeder cattle closed $.62 higher at $151.77.

Direct cash cattle trade is silent with both bids and asking prices pretty much non-existent.  It looks like cash business is finished prior to the holiday.  Trade volume was moderate at best through Wednesday.  Look for next week’s offering to be somewhat larger by the carryover from this week’s unsold cattle.

Boxed beef closed mixed – higher on Choice and lower on Select on light to moderate demand and offerings.  Choice ended the day $1.98 higher at $210.99 and Select closed $.79 lower at $187.85.

At the Oklahoma National Stockyards, feeder steers were $2.00 to $7.00 lower and feeder heifers were steady with a lower undertone.  Receipts were 8,171 – down on the week, but up on the year.  The USDA says demand was moderate to good with average to attractive quality.  Feeder supply included 57 percent steers and 50 percent of the offering was over 600 pounds.  Feeder steers, Medium and Large 1’s 552 to 595 pounds were $163.00 to $173.00 and Medium and Large 1’s 650 to 699 pounds were $156.00 to $162.50.  Feeder heifers, Medium and Large 1’s 503 to 544 pounds were $142.00 to $152.00 and Medium and Large 1’s 605 to 639 pounds were $140.00 to $149.50.

At the Rock Valley Hay Auction earlier this week, the market was steady and loads were up on the week and the year.  Alfalfa supreme large rounds were $160.00; premium large squares were $140.00 to $147.50; and good large squares were $135.00.  Grass hay, premium large rounds were $140.00 to $150.00 and good large rounds were $122.50 to $132.50.  Alfalfa/Grass hay mix premium large rounds were $140.00.  Large round bales of cornstalks brought $37.50 to $45.00.

Estimated cattle slaughter is 116,000 head – down 2,000 on the week and up 5,000 on the year.  Saturday’s estimated kill is 96,000 head – that’s double last week and up 6,000 on the year.

Lean hog futures closed higher in light volume.  Interest has been consistent thanks to carry-over momentum from Wednesday and support from the strength in the cutout value.  December lean hogs closed $.42 higher at $63.25 and February lean hogs closed $.30 higher at $69.40.

Cash hogs ended the day higher.  The trade continues to watch the availability of market ready numbers.  Packer demand has increased this week and that is supportive to prices.  However, slaughter runs have been steady and large kill totals are expected into the weekend and next week with Saturday’s estimated kill is 346,000 head. Barrows and gilts at the Iowa/Southern Minnesota ended the day $1.02 higher with a range of $50.00 to $58.25 and an average of $57.83; the Western Corn Belt closed $.88 higher with a range of $50.00 to $58.25 and an average of $57.69; the Eastern Corn Belt was not reported due to confidentiality; the National Daily Direct closed $.45 higher with a range of $50.00 to $58.25 and an average of $57.10.

The USDA says early weaned pigs were $4.00 per head higher, all feeder pigs were steady to $7.00 higher and receipts included 48 percent formulated prices.  The demand was moderate for moderate offerings.  The total composite formula range was $37.25 to $48.15 with an average of $42.88 and the total composite cash range was $38.00 to $58.00 with an average of $51.73.  The average for all early weaned pigs was $46.74 and the average for all feeder pigs was $63.92.

The Midwest cash markets are closed today due to the holiday.

At the Interior Missouri Direct, barrows and gilts are steady at $50.00 to $51.00 with very light expected receipts today due to the holiday.  Sows were steady at $30.00 to $40.00.  For the week barrows and gilts ended $1.00 to $2.00 lower.  Sows were steady to $7.00 lower.

Pork value closed $.34 higher at $82.32.  The primals were mostly higher with the exception of the butt and the picnic.

Estimated hog slaughter is 437,000 head – down 16,000 on the week and up 7,000 on the year.  Saturday’s estimated kill is 346,000 head – up 197,000 on the week and down 40,000 on the year.