Market News

Cattle futures higher to start the week

At the Chicago Mercantile Exchange, live cattle followed feeders higher, watching direct business and the day’s sharply lower move in corn.  June live cattle closed $.67 higher at $119.37 and August live cattle closed $1.25 higher at $121.27.  August feeder cattle closed $3.42 higher at $154.60 and September feeder cattle closed $3.30 higher at $156.82. 

A quiet Monday for direct cash cattle trade activity.  Showlists this week are mixed – higher in Nebraska/Colorado, but lower in Texas and Kansas.  Bids and asking prices have yet to surface.  And it’s likely significant trade volume will be delayed until midweek or later. 

At midsession, at the Oklahoma National Stockyards, compared to last week feeder steers are $4 to $7 higher with instances of up to $10 higher.  Feeder heifers are $4 to $6 higher.  Steer calves are $4 to $6 higher and heifer calves are $4 to $8 lower.  The USDA says demand is moderate to good for most all classes.  Receipts are up on the week and the year.  Feeder supply included 60% steers and 83% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 803 to 848 pounds brought $140 to $149.25 and feeder steers 906 to 932 pounds brought $134 to $143.25.  Medium and Large 1 feeder heifers 700 to 742 pounds brought $132 to $141.25 and feeder heifers 801 to 849 pounds brought $123.50 to $133.50. 

Boxed beef closed sharply lower on light demand for light offerings.  Choice closed $2.09 lower at $335.47 and Select closed $1.80 lower at $303.41.  The Choice/Select spread is $32.06. Estimated cattle slaughter is 119,000 head – up 4,000 on the week and up 3,000 on the year. 

Lean hog futures ended the day mostly lower, pressured by the sharply lower pork values.  June lean hogs closed $.20 higher at $122.87 and July lean hogs closed $1.75 lower at $118.22. 

Cash hogs closed sharply lower with light to moderate negotiated purchases.  The market has been largely supported by the strong demand for US pork on the global market and domestically.  Overall, the industry expects that to continue.  Processors continue to monitor the availability of market-ready hogs. Barrows and gilts at the National Daily Direct closed $2.37 lower with a base range of $107.77 to $136 and a weighted average of $116.89.  The Iowa/Minnesota had a weighted average of $132.35 and the Western Corn Belt had a weighted average of $132.28.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash market are steady at $75. At Illinois, slaughter sow prices are steady with moderate demand for light offerings at $38 to $49.  Barrow and gilt prices were $1 to $3 higher with moderate demand for heavy offerings at $78 to $81.  Boars ranged from $45 to $50 and $12 to $18. 

Pork values closed sharply lower – down $3.86 at $128.68.  Hams, loins, and bellies were all sharply lower.  Butts and picnics were lower.  Ribs were sharply higher. Estimated hog slaughter is 479,000 head – up 3,000 on the week and up 22,000 on the year.