Market News

Livestock futures close higher

Cattle country was very quiet with only a few bids evident in the North at 212.00. Asking prices are firm thanks to advancing futures and stronger cutouts. Most showlists ae priced around 140.00 plus in the South, and 220.00 plus in the North. Significant trade volume will be postponed until sometime on Friday. The cattle slaughter was estimated at 108,000 head, 1,000 below last week, but 5,000 more than last year.

Boxed beef cutout Values are higher on choice and steady on select on moderate to fairly good demand. Choice boxed beef up 1.24 at 225.24, and select up .21 at 213.85.

Live cattle contracts on the Chicago Mercantile Exchange settled 35 to 152 points higher as aggressive commercial buying took place in the spring and summer contracts. Triple digit gains held in the April through August contracts, and helped to draw some late week fundamental support.

Feeder cattle ended the session 132 to 260 points higher as strong support flooded into the market. April futures had been up as much as 3.00 higher based on the strong gains in the live cattle futures, as well as strong underlying support from building seasonal demand at the same time supplies are expected to remain tight through summer.

Feeder cattle receipts at the Huss Platte Valley cattle auction in Nebraska totaled 4340 head. Compared to last week, feeder steers and heifers sold unevenly steady to 4.00 lower. The demand was moderate to good from start to finish. The run consisted of packages and load lots of mostly home raised calves and feeders with flesh scores ranging from thin flesh to fleshy. Feeder steers, medium and large 1 with an average weight of 770 pounds traded at 161.42 per hundredweight. 773 pound heifers brought 148.11.

Lean hogs settled unchanged to 40 points higher. Firm gains redeveloped after a lackluster start. The triple digit price support seen on Wednesday, as well as aggressive cattle market gains on Thursday, drew buyers and pushed prices higher in light to moderate trade.

Barrows and gilts in the Iowa/Minnesota direct trade closed 1.13 higher at 65.27 weighted average on a carcass basis, the West was up .93 at 64.94, and nationally the market was up 1.04 at 63.76. Missouri direct base carcass meat price was steady from 55.00 to 57.00. Midwest hogs were fully steady from 36.00 to 40.00 on a live basis.

The pork carcass cutout value was up .72 at 76.75 FOB plant.

For the week ending March 5, Iowa barrows and gilts averaged 282.9 pounds, 1.8 pounds lighter than the previous week and 1.3 pounds smaller than 2015.

Thursday’s hog slaughter was estimated at 436,000 head, 4,000 more than last week, and 3,000 greater than last year.