Market News

Closing cash livestock markets

Cattle country was quiet on Wednesday afternoon with just a few scattered bids reported in the North at 263.00 dressed. Dressed bids were also reported by DTN in Kansas at 260.00. Asking prices are around 167.00 to 168.00 live and 268.00 plus dressed. The kill totaled 96,000 head, 3,000 less than last week, and 21,000 smaller than 2014.

Boxed beef cutout values were higher on moderate demand and light to moderate offerings. Choice boxed beef was up 1.29 at 255.42, and select was up 1.57 at 250.21.

Chicago Mercantile Exchange live cattle contracts settled mostly 10 to 32 points lower with only front month April higher. It appears that with all of the end of the month and quarterly positioning that needed to be done in the books, and traders assessing early April movements’ trade volume slowed through the complex. Futures will be closed on Good Friday and the market may remain sluggish the balance of the week. April settled .47 higher at 161.80, and June was down .10 at 152.22.

Feeder cattle settled 50 higher to 35 lower. Light gains redeveloped in front month April futures following morning pressure. The up and down shifts seen through the trading session kept the market relatively directionless. Even though there was firm support in beef values, traders focused on movement in the cash cattle trade at the end of the week as well as outside market direction. April settled .50 higher at 218.62, and May was down .25 at 216.65.

Feeder cattle receipts at the Loup City Commission Company at Loup City, Nebraska totaled 1682 head. Compared to last week, steers over 700 pounds sold 1.00 to 3.00 higher and heifers sold steady to 3.00 higher. Demand was good from a large crowd of buyers and they bid readily on longtime weaned calves and feeders. Demand was also good for a short supply of bred cows and pairs. Feeder steers, medium and large 1 averaging 723 pounds traded at 235.89 per hundredweight. 704 pound heifers brought 213.73.

Lean hogs settled 20 to 97 points higher. Gains held through the session although trade volume was sluggish. The focus has moved away from short term supply levels and potential hog availability through the end of the year. This is doing very little to help support short term fundamentals and cash markets, but it seems to be helping to draw long term buyer interest back into the market. April settled .47 higher at 62.90, and May was also up .47 at 69.20.

Barrows and gilts in the Iowa/Minnesota direct trade closed .14 higher at 56.54 weighted average on a carcass basis, the West was up .34 at 56.55, and there was no price comparison in the East at 55.18. Missouri direct base carcass meat price was steady to 1.00 lower from 49.00 to 53.00. Midwest hogs on a live basis were mostly steady from 33.00 to 39.00. Several markets are closed for the remainder of the week.

The pork carcass cutout value was down 1.38 at 63.98 FOB plant. Only hams were near steady.

While spring and summer hog supplies seem set to be substantially above 2014, tonnage could be no more than that seen in 2013. Summer futures look too cheap compared with prices achieved in 2013.

The hog kill was estimated at 434,000 head, 1,000 less than last week, but 27,000 more than last year.