Market News

Futures trade closes early for the holiday

Scattered cattle sales were evident in parts of the North on Thursday. Some packers remained short bought, spending as much as 242.00 on the right kind of cattle, 2.00 more than Wednesday’s general advance, and 4.00 to 5.00 higher than last week. The South was quiet with trade wrapped up for the week at steady to 2.00 higher than the previous week at 150.00. Thursday’s cattle slaughter was estimated at 113,000 head, 1,000 more than last week, and 4,000 less than last year.

Choice boxed beef was sharply lower in the morning report, down 2.02 at 250.27, select was .84 lower at 248.42.

Live cattle contracts were mixed on the Chicago Mercantile Exchange on Thursday’s abbreviated trade. Futures traded in a very narrow range as traders looked for additional outside market and fundamental support over the weekend. Overall beef clearance reports through the weekend and early next week are likely to help set the tone for trade activity once traders return to the market on Monday. August cattle were up .15 at 151.22, and October was .42 higher at 154.12.

Feeder cattle saw light to moderate losses during the lightly traded Thursday session. Following the wild swings in cattle futures, and especially the feeder market over the last couple of trading sessions, the market was in need of some time to breathe and focus on fundamental factors. August was 1.05 lower at 217.45, and September was down .95 at 216.10.

Feeder cattle receipts at the Huss Platte valley Auction, Kearney, Nebraska totaled 2465 head on Wednesday. Compared to two weeks ago, 850 to 925 pound steers sold 5.00 higher and heifers over 800 pounds were 2.00 to 5.00 higher. Demand was good from start to finish. Some yearling offerings came off of summer pasture with others out of back grounding lots. Feeder steers medium and large 1 averaging 921 pounds traded at 216.30 per hundredweight. 926 pound heifers averaged 199.14.

Light trade once again characterized the lean hog futures trade as traders coasted into the early closing bell and long holiday weekend. Moderate gains held with July and August contracts leading the charge higher. There was some light pressure in deferred contracts as traders remained concerned overall supplies will still keep the market under pressure long term. July was up 1.67 at 78.77, and August was up 1.52 at 76.37.

Barrows and gilts in the Iowa/Minnesota direct trade were.71 lower in the morning report, the West was down .67 with both at 73.82 weighted average on a carcass basis, nationally the hog market was .98 lower at 72.23. Missouri direct base carcass meat price was steady from 69.00 to 70.00. Midwest hogs on a live basis were lightly tested with several interests out of the market ahead of the holiday. Prices are fully steady from 46.00 to 50.00.

Choice boxed beef was sharply lower in the morning report, down 2.02 at 250.27, select was .84 lower at 248.42.

For the week ending June 27, Iowa barrows and gilts averaged 278.6 pounds, 0.8 pounds lighter than the previous week and 6.4 pounds smaller than 2014.

The Thursday hog kill was estimated at 424,000 head, 6,000 more than last week, and 25,000 greater than last year.