Market News

Cattle futures end the week higher

At the Chicago Mercantile Exchange, live and feeder cattle were higher watching the direct markets, stronger boxed beef prices were also supportive.  February live cattle closed $1.62 higher at $155.55 and April live cattle closed $1.30 higher at $159.35.  January feeder cattle closed $.45 higher at $183.92 and March feeders closed $.05 higher at $185.10. 

Another round of direct cash cattle trade took place on Friday.  Live deals in Texas and Kansas were reported at $155 to $156, $1 higher than the rest of the week’s business.  For the week, Northern dressed business was at mostly $247, $2 below the prior week’s weighted average basis in Nebraska.  Southern live deals ranged from $154 to $156, $1 below to $1 higher than the previous week’s weighted averages. 

At the Mitchell Livestock Auction in South Dakota, compared to last week feeder steers 500 to 600 pounds were $8 to $9 higher, steers 650 to 950 pounds were $1 to $3 higher, steers 950 to 1150 were steady to $1 higher.  Feeder heifers 600 to 650 pounds were steady, 700 to 950 pounds were evenly steady.  The USDA says demand was good and buyers had many large load lots of heavy steers to fill big pens.  Receipts were up on the week and down slightly on the year.  Feeder supply included 55% steers and 84% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 912 to 948 pounds brought $183.50 to $187 and feeder steers 950 to 994 pounds brought $175.50 to $185.25.  Medium and Large 1 feeder heifers 864 to 893 pounds brought $166 to $173 and feeder heifers 902 to 935 pounds brought $160 to $175.60. 

This week’s hay market in Missouri was very similar to the week prior.  Drought continues to be a concern and there has been several days above freezing, and that’s good news.  The USDA says hay movement is good and the supply is light to moderate with moderate demand.  Prices have been mostly steady.  Alfalfa, supreme, medium squares brought $250 to $300.  Alfalfa, supreme, small squares brought $10 to $15.  Alfalfa, premium, medium squares brought $180 to $250.  Alfalfa, good, large rounds brought $150 to $180.  Alfalfa, good, small squares brought $5 to $9.  Alfalfa, fair, large rounds, brought $125 to $150.  Alfalfa/grass mix, good/premium, small squares brought $5 to $9.  Mixed grass, good/premium, large rounds brought $125 to $175.  Mixed grass, large rounds brought $100 to $150.  Corn stalks, round, brought $35. 

Boxed beef closed higher with solid demand for light offerings.  Choice closed $1.65 higher at $248.93 and Select closed $.71 higher at $221.26.  The Choice/Select spread is $27.67. Estimated cattle slaughter was 120,000 head – down 3,000 on the week and the year.  Saturday’s estimated kill is 24,000 head – down 4,000 on the week and down 33,000 on the year. 

Lean hog futures were mixed on bear spreading.  February lean hogs closed $.70 lower at $84 and April lean hogs closed $.25 higher at $91.

Cash hog closed higher with a solid negotiated run.  Processors were a little more aggressive in their procurement efforts and prices reflected that.  Demand for US pork on the global market has held strong despite growing global economic concerns.  Should demand slow, it could force prices lower.  The industry is also watching the availability of market-ready hogs. Barrows and gilts at the National Daily Direct closed $1.96 higher with a base range of $74 to $85 and a weighted average of $83.07; the Iowa/Minnesota closed $2.19 higher with a weighted average of $83.49; the Western Corn Belt closed $2.26 higher with a weighted average of $83.57; the Eastern Corn Belt had no comparison but a weighted average of $82.58. 

According to the USDA’s National Feeder Pigs Report, early-weaned pigs were steady to $4 per head higher and all feeder pigs were steady to firm.  Demand was moderate for moderate offerings.  The Total Composite cash range for early-weaned pigs was $40 to $62 with a weighted average of $51.28.  The Total Composite formula range for early-weaned pigs was $48.49 to $65.92 with a weighted average of $54.37.  The weighted average for all early-weaned pigs was $52.53 and the weighted average for all feeder pigs was $69.42. 

At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $42 to $54.  Barrows and gilts were steady with moderate demand for moderate offerings at $56 to $66.

Pork values closed higher – up $3.59 at $88.56.    Picnics were sharply higher.  Butts, hams, bellies, and loins were also higher.  Ribs were lower. Estimated hog slaughter was 484,000 head – down 2,000 on the week and up 18,000 on the year.  Saturday’s estimated kill is 140,000 head – up 2,000 on the week and down 93,000 on the year. 

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