Market News

Feedlot cattle trade in most regions

A light to moderate cattle trade was evident in most areas on Wednesday. Live and dressed sales were about steady to 1.00 lower than last week’s weighted average. USDA Mandatory reported Lives sales in Texas, Oklahoma, New Mexico and Kansas were about steady on light to moderate demand at 164.00. In Iowa and Nebraska live sales were 1.00 lower at 164.00 on moderate demand. Dressed sales were reported at 258.00. The cattle slaughter was estimated at 108,000 head, 5,000 below last week and down 16,000 from 2013.

Boxed beef cutout values were higher on choice and weak on select on moderate demand and light to moderate offerings. Choice beef was up 1.08 at 250.49, and select was .64 lower at 235.44.

Chicago Mercantile Exchange live cattle contracts settled 140 to 285 points lower. Stronger losses were curtailed somewhat by higher boxed beef prices in the morning report and development of the cash cattle trade at near steady prices with last week. October settled 1.40 lower at 162.95, and December was down 1.45 at 162.47.

Feeder cattle settled 300 points lower in every contract with the exception of front month October which held narrow losses after the development of the cash cattle trade. The concern that even firm cash cattle and strong beef values can’t keep buyers interested in feeder cattle long term at the current price levels caused mass selling. October settled 1.32 lower at 237.40, and November was down the 3.00 daily limit at 234.15.

Feeder cattle receipts at the Ozarks Regional Stockyards at West Plains, Missouri totaled 2768 head on Tuesday. Feeder steers trended steady to 4.00 lower except for some 5 weights that were 4.00 higher. Feeder heifers weighing less than 550 pounds were 2.00 to 4.00 lower with heavier weights steady to 3.00 higher. Yearling steers and heifers were not well tested. Demand was very good on a moderate supply. Feeder steers medium and large 1 averaging 516 pounds averaged 275.85 per hundredweight. 616 pound heifers brought 234.85.

Lean hogs settled 100 to 300 points lower. The early market pressure accelerated through the morning session and almost all contracts ended limit down. The pressure in hog values on Tuesday afternoon as well as concern about overall supplies kept traders focused on liquidating positions. December settled at 91.92, and February 89.20, with both 3.00 lower.

Barrows and gilts in the Iowa/Minnesota direct trade closed 1.80 lower at 103.37 weighted average on a carcass basis, the West was down 1.91 at 103.15, and no price comparison in the East at 100.53. Missouri direct base carcass meat price was 2.00 lower to 2.00 higher at 98.00. Midwest hogs were steady from 74.00 to 78.00 on a live basis.

The pork carcass cutout value ended the day .24 lower FOB plant at 116.99.

The Wednesday hog kill at 428,000 head is 2,000 more than last week and 4,000 less than last year.