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Cattle futures supported by mostly lower corn

At the Chicago Mercantile Exchange, live and feeder cattle ended the day higher, watching corn and direct business develop.  June live cattle closed $1.85 higher at $121.22 and August live cattle closed $2.62 higher at $123.90.  August feeder cattle closed $2.22 higher at $156.82 and September feeder cattle closed $1.82 higher at $158.65. 

It was an active Tuesday for direct cash cattle trade. Dressed deals in Nebraska are at mostly $195, which’s $4 higher than last week’s weighted average basis.  Many of those are marked for delayed delivery.  There were also some live deals reported in Nebraska at $124.  Southern live deals were marked at $120 to $122, steady to $2 higher than last week’s business.    

At the Callaway Livestock Center in Missouri, compared to last week steer calves 400 to 500 pounds were steady to firm, with 500 to 600 pounds were $4 to $6 higher, five potloads of yearling steers 790 to 955 pounds were steady.  Feeder heifers 400 to 500 pounds and 550 to 600 pounds were steady to $3 higher, 500 to 550 pounds were $2 to $7 higher.  The USDA says demand was good with a moderate supply.  The quality overall was good and the market was active.  Receipts were down on the week and the year.  Feeder supply included 69 percent steers and 51 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 500 to 543 pounds brought $176 to $186 and feeder steers 858 to 871 pounds brought $136.75 to $138.25.  Medium and large 1 feeder heifers 515 to 545 pounds brought $144 to $156.50 and feeder heifers 665 to 688 pounds brought $139 to $145.50. 

Boxed beef closed lower to sharply lower on light demand for moderate offerings.  Choice closed $1.04 lower at $334.43 and Select closed $5.13 lower at $298.28.  The Choice/Select spread is $36.15. Estimated cattle slaughter is 121,000 head – up 1,000 on the week and up 4,000 on the year.  Monday’s cattle slaughter has been revised to 116,000 head. 

Lean hog futures ended the day mostly lower, shrugging of the sharply higher pork values and cash trade during the session.  July lean hogs closed $.27 higher at $118.50 and August lean hogs closed $.10 lower at $.10 lower at $114.70.

Cash hogs closed sharply higher with a solid negotiated run.  Processors continue to monitor the availability of market-ready barrows and gilts and were extremely aggressive in their procurement efforts on Tuesday.  Strong demand for US pork on the global market and domestically has been largely supportive to prices and the industry expects that to continue. Barrows and gilts at the National Daily Direct closed $5.83 higher with a base range of $110.43 to $137 and a weighted average of $122.72.  The Iowa/Minnesota had a weighted average of $131.08 and the Western Corn Belt has a weighted average of $131.20.  The Eastern Corn Belt had a weighted average of $117.24. 

Butcher hog prices at the Midwest cash market are steady at $75. At Illinois, slaughter sow prices were steady with moderate demand for moderate to heavy offerings at $38 to $40. Barrows and gilts were steady 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 $6.17 at $122.51.  Bellies dropped $48.25 on Tuesday.  Picnics and hams were also lower.  Butts, ribs, and loins were all sharply higher.  Estimated hog slaughter is 484,000 head – down 1,000 on the week and up 24,000 on the year.  Monday’s hog slaughter has been revised to 474,000 head. 

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