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Cattle futures start the week lower

At the Chicago Mercantile Exchange, live and feeder cattle ended the day lower, watching corn and waiting for direct business to develop.  The USDA’s latest Cattle on Feed report comes out on Friday.  October live cattle are $.52 lower at $125.40 and December live cattle closed $.55 lower at $130.42.  October feeder cattle closed $1.82 lower at $155.75 and November feeders were $2.07 lower at $159.35. 

Direct cash cattle trade activity started the week quietly.  Bids and asking prices have yet to surface.  Showlists are somewhat lower in Kansas, and lower in Texas, Nebraska and Colorado.  Look for business to develop in the latter half of the week. 

At midsession at the Oklahoma National Stockyards, compared to last week feeder steers and heifers were $1 to $3 higher.  Steer calves were $2 to $4 higher.  Heifer calves were unevenly steady.  The USDA says demand was moderate to good and quality was average to attractive.  Receipts were down on the week and up on the year.  Feeder supply included 65% steers and 57% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 700 to 748 pounds brought $146.50 to $155 and feeder steers 800 to 842 pounds are at $146 to $153.50.  Medium and Large 1 feeder heifers 553 to 598 pounds brought $139 to $152 and feeder heifers 664 to 686 pounds brought $139 to $152.  

Boxed beef closed lower with light demand for light offerings.  Choice is $.15 lower at $280.09 and Select closed $.81 lower at $259.81.  The Choice/Select spread is $20.28. Estimated cattle slaughter is 120,000 head – down 1,000 on the week and up 1,000 on the year. 

Lean hog futures ended the day higher, supported by follow-through buying and sharply higher pork value during the session.  December lean hogs closed $.47 higher at $78.75 and February lean hogs closed $.45 higher at $81.77. 

Cash hogs closed weak with a solid negotiated run. Processors continue to move their desired numbers at lower prices.  The supply of market-ready barrows and gilts is more than ample.  While demand for US pork has been strong on the global market and domestically, there is concern that could wane and prices have been under pressure.  Barrows and gilts at the National Daily Direct closed $.09 lower with a base range of $66 to $69 with a weighted average of $67.24; the Iowa/Minnesota had a weighted average of $68.13; the Western Corn Belt had a weighted average of $68.00.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets were steady at $60.  At Illinois, slaughter sow prices were mostly $1 lower with moderate demand for moderate to heavy offerings at $48 to $56. Barrows and gilts were steady with moderate demand for moderate offerings at $40 to $48.  Boars ranged from $20 to $25 and $9 to $15. 

Pork values closed lower – down $.54 at $100.78.  Hams and bellies were both lower.  Picnics, loins, ribs, and butts were higher to sharply higher. Estimated hog slaughter is 478,000 head – up 1,000 on the week and the year.  Friday’s hog slaughter has been revised to 470,000 head and Saturday’s hog slaughter has been revised to 251,000 head. 

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