Market News

Limited livestock trade heading into the long weekend

At the Chicago Mercantile Exchange, live cattle futures were mixed in light trade with support from this week’s higher cash trade.  And there was position squaring ahead of the long holiday weekend.  Feeder cattle futures closed higher with support from the higher cash trade and the weaker move in corn.  Today’s Cattle on Feed report was neutral to bearish. April live cattle closed $1.60 higher at $128.52 and June live cattle closed $.30 higher at $122.67.  April feeder cattle closed $.37 higher at $145.70 and May feeder cattle closed $.92 higher at $151.52. 

A light to moderate direct cash cattle trade has developed in the North with dressed deals at $208, $3 higher than last week’s weighted average, live deals range from $129 to $132.50 – mostly at $130, which is also $3 higher than last week’s weighted average.  A moderate trade took place in the South yesterday at $126 – which is $2 higher than last week’s averages.

At the Ozarks Regional Stockyards in Missouri, receipts were down on the week and almost even on the year.  Compared to the most recent sale – steer calves were $4 to $7 higher with heifer calves steady to $5 higher.  Yearling steers, compared to last week’s light test, were $5 to $7 higher.  Demand was very good on a moderate supply and demand was especially good for 3 and 4 weight calves.  Feeder supply included 57 percent steers and 45 percent of the offering was over 600 pounds.  Medium and large 1 feeder steers 717 to 745 pounds brought $147 to $160.50 and feeder steers 752 to 793 pounds brought $143 to $146.  Medium and Large 1 feeder heifers 450 to 497 pounds brought $152.50 to $166 and feeder heifers 504 to 535 pounds brought $150 to $160. 

Boxed beef closed mixed – firm on Choice and weak on Select on light to moderate demand and moderate offerings.  Choice closed $.30 higher at $233.60 and Select closed $.70 lower at $219.46.  Estimated cattle slaughter is 122,000 head – up 11,000 on the week and 7,000 on the year. 

Lean hog futures closed mixed – the news that China made a purchase of pork had very little impact on hog markets.   The cash trade was weak during the session adding more pressure to prices.  But the trade is still optimistic demand for US pork will increase in the long-term.  May lean hogs closed $1.27 at $90.20 and June lean hogs closed $.62 at $96.75. 

Cash hogs closed higher with moderate negotiated purchase totals.  The market continues its ups and downs cycle.  Sometimes it’s day to day – and sometimes it’s a different story from the morning to the end of the day.   The supply of ready barrows and gilts is ample – and slaughter runs have been large.  The market continues to monitor the African Swine Fever situation in China.  The disease continues to spread, and the market remains hopeful demand for US pork will increase as a result.  While China is making pork purchases – they aren’t quiet what the trade had hoped to see.     

Barrows and gilts at the Iowa/Southern Minnesota closed $1.53 higher with a range of $71 to $81 for a weighted average of $79.99; the Western Corn Belt closed $2.24 higher with a range of $71 to $81 for a weighted average of $79.79; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct closed $.92 higher with a range of $71 to $81 for a weighted average of $77.93. 

The Midwest cash markets are closed both today and tomorrow.  At Illinois, slaughter sow prices are $1 to $4 higher at $40 to $57 with very good demand for moderate to heavy offerings.  Barrow and gilt prices are firm at $48 to $56 with moderate demand for moderate offerings. 

Pork values closed firm – up $.85 at $87.85.  Bellies, ribs, and picnic are all higher.  Hams, loins, and butts all closed steady.  Estimated hog slaughter is 477,000 head – up 48,000 on the week and 16,000 on the year.