Market News

Cattle trade at higher prices

USDA Mandatory reported cattle trading was light to moderate in Nebraska on moderate demand. Compared to last week, early live sales were 2.00 to 5.00 higher at 162.00, with early dressed sales 3.00 higher at 257.00. Trading was moderate in Iowa on good demand with live sales 1.00 to 3.00 higher from 160.00 to 162.00, and dressed sales 3.00 to 4.00 higher at 256.00 to 257.00. The weekly kill was estimated at 537,000 head 14,000 more than the previous week, but 10,000 below last year.

Boxed beef cutout values were weak to lower on light demand and light to moderate offerings. Choice beef was down .72 at 248.48, and select was 2.29 lower at 244.39.

Live cattle contracts on the Chicago Mercantile Exchange settled 40 to 137 points higher. The trade was mixed in choppy action for much of the session, as traders waited for concrete cash news from the feedlot trade. Boxed beef cutouts were lower in the morning report. April settled 1.37 higher at 154.65, and June was up 1.07 at 147.10.

Feeder cattle ended the session 20 to 320 points higher. Beside the support of follow through buying, prices were also lifted to some extent by softness in the corn market. March was up 3.15 at 208.72, and April was 3.20 at 208.57.

Feeder cattle receipts at Missouri auctions this week totaled 14,832 head. Compared to last week, feeder steers and heifers sold firm to 5.00 higher with several spots 10.00 higher. Only a limited test of the market was available as winter weather pounded the Southern part of the state once again. Demand was good as several producers are still looking to build herds, and when replacement heifers’ show up they receive full attention. Feeder steers, medium and large 1 averaging 627 pounds brought 252.43 per hundredweight. 713 pound replacement heifers traded at 226.75.

Lean hogs settled 20 to 70 points lower. Late week action in the lean pit seemed to extend bearish worries about both mounting commercial production and inadequate pork demand. April settled .70 lower at 66.12, and May was down .20 at 77.25.

Barrows And gilts in the Iowa/Minnesota direct trade closed .88 lower at 64.00 weighted average on a carcass basis, the West was down 1.02 at 63.79, and there was no price comparison in the East at 63.20. Missouri direct base carcass meat price was steady from 57.00 to 62.00. Midwest hogs on a live basis were steady to 2.00 higher from 40.00 to 48.00.

The pork carcass cutout value was up .55 at 68.62.

Net sales of pork exports last week exploded to a marketing-year high, up 62 percent from the previous week, and 63 percent greater than the prior four week average. Could this reflect pent-up demand following the settlement of the port strike?

The weekly hog slaughter is estimated at 2,222,000 head, 22,000 less than last week, but 150,000 more than last year.

 

Add Comment

Your email address will not be published.


 

Stay Up to Date

Subscribe for our newsletter today and receive relevant news straight to your inbox!