Market News

Cattle futures, cash hogs close higher

At the Chicago Mercantile Exchange, live and feeder cattle futures were higher, getting ready for widespread direct cash cattle business and Thursday’s weekly export sales numbers. October live was up $.47 at $144.67 and December was $.42 higher at $147.92. October feeders were $1.90 higher at $176.55 and November was up $2.12 at $177.32.

A light trade developed in Eastern Nebraska late Wednesday at $230, about $1 higher than last week’s weighted average.  A few bids were on the table in the South but they were being passed.  Asking prices are around $145 in the South, and $233 to $235-plus in the North.

At the Kingsville Livestock Auction in Missouri, compared to last week, the majority of steers under 650 pounds were unweaned calves and sold steady to $5 lower while the heifer calves and yearlings offered traded steady.  The USDA says demand was moderate for calves and good for yearlings.  Supply was moderate.  Lack of moisture and prolonged drought has stressed pasture conditions with little fall growth. Receipts were up on the week and year.  Feeder supply was 49 percent steers and 64 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 601 to 649 pounds brought $180 to $192.25 and feeder steers 867 to 884 pounds brought $176 to $182.  Medium and Large 1 feeder heifers 527 to 545 pounds brought $160 to $166.25, and heifers 715 to 723 pounds brought $172 to $178.

Boxed beef closed lower on light demand for solid offerings. Choice is $.98 lower at $247.06 and Select is $2.69 lower at $219.22.  The Choice/Select spread is $27.84. Estimated cattle slaughter is 128,000 head, up 1,000 on the week, and 7,000 on the year.

Lean hog futures were supported by the steady to higher cash and higher midday move in pork. October was up $3.80 at $90.80 and December was $2.07 higher at $76.50.

Cash hogs closed higher.  It was another big day for processors who were trying to meet their procurement efforts ahead of Monday’s holiday.  Global demand for U.S. pork is good despite concerns of a slowing global economy. Barrows and gilts at the National Daily Direct are $.22 higher with a base range of $83 to $98 with a weighted average of $92.99; at the Iowa/Southern Minnesota closed $.34 higher with a weighted average of $95.10; the Western Corn Belt closed $.57 higher with a weighted average of $95.26; Eastern Corn Belt closed $6.19 sharply higher with a weighted average of $90.65.

Butcher hog prices are steady at $62.  At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $58 to $70.  Barrows and gilts were steady with moderate demand for moderate offerings $58 to $68.  Boars ranged from $39 to $41 and $9 to $19.

Estimated hog slaughter 487,000 up 3,000 on the week and 7,000 on the year.