Market News

Light cattle trade at lower prices

Some light cattle trade was reported in Kansas, Nebraska and a handful of sales in Texas from 159.00 to 160.00. These live sales are generally steady to 1.00 lower than last week’s business. Private sources reported a few bids in Nebraska from 250.00 to 252.00, but no sales were reported. Asking prices are around 161.00 plus live, and 260.00 plus dressed. The kill totals 110,000 head, 11,000 more than last week, but 8,000 less than last year.

Boxed beef cutout values were sharply lower on light demand and moderate offerings. Choice beef was down 2.70 at 244.59, and select was 2.00 lower at 238.34.

Live cattle contracts on the Chicago Mercantile Exchange settled 42 to 125 points lower on Thursday. Trade was mixed earlier in the session, but deferred contracts were pressured as the initial support evident through the complex quickly faded. The inability to maintain stable boxed beef values in the morning report added some additional weakness to the market. There appeared to be additional concern as the end of the month positioning starts taking place. February settled .42 lower at 153.52, and April was down 1.00 at 150.50.

Feeder cattle contracts ended the session 5 to 125 points lower. Futures bounced higher and lower through the morning, with the focus on the complex remaining on overall market uncertainty for the near future. January contracts expired at noon, down .52 at 212.40, March settled .77 lower at 203.57, and April was down 1.25 at 204.20.

Lean hogs settled with sharp losses as traders backed away from the one day surge in prices seen at midweek and once again concentrated on the potential for aggressively growing supplies and lackluster demand. February settled 2.97 lower at 68.55, and April was 1.75 lower at 73.20.

Bassett Livestock Auction at Bassett, Nebraska had receipts of 4400 cattle on Wednesday. Compared to two weeks ago. Steers traded from 8.00 to as much as 20.00 lower, except 700 pound offerings were 6.00 higher. 5 to 6 weight heifers traded 10.00 to as much as 20.00 lower. Demand was moderate to good with not many buyers in the seats. Feeder steers, medium and large 1 averaging 624 pounds averaged 258.32 per hundredweight. 672 pound replacement heifers brought 239.50.

Barrows and gilts in the Iowa/Minnesota direct trade closed .01 higher at 67.45 weighted average on a carcass basis, the West was up .36 at 67.38, and the East was not reported due to confidentiality. Missouri direct base carcass meat price was steady to 6.00 lower from 54.00 to 62.00. Midwest hogs on a live basis closed steady to 3.00 lower from 41.00 to 46.00.

The pork carcass cutout value closed 2.03 lower at 78.30 FOB plant with all cuts lower.

Iowa barrows and gilts last week averaged 286.1 pounds,1 pound lighter than the previous week and 3.2 pounds heavier than 2014.

Thursday’s hog kill was estimated at 435,000 head, 1,000 less than last week, but 57,000 more than last year.

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