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Live cattle, hog futures finish the week higher

At the Chicago Mercantile Exchange, live cattle were higher, and feeders were lower watching corn and unwinding the week’s direct cash business.  April live cattle closed $.85 higher at $163 and June lives closed $.80 higher at $156.60.  April feeders closed $.20 lower at $194.80 and May feeder cattle closed $1.05 lower at $197.55. 

It was a quiet Friday for direct cash cattle business.  For the week, Northern dressed deals were at mostly $264 to $265, steady to $1 higher than the prior week’s weighted average basis in Nebraska.  Southern live deals were listed at mostly $163, $1 lower than the previous week’s weighted averages. 

At the Ogallala Livestock Auction in Nebraska, steers under 750 pounds were $5 to $10 higher, steers 750 pounds were $1 higher, and steers over 800 pounds were $2 to $3 lower.  Heifers under 700 pounds were $8 to $10 higher.  The USDA says buyers were active from start to finish on packages and loads of cattle throughout the day.  Much of the offering will be turned out for grazing.  Receipts were down from the most recent sale and down on the year.  Feeder supply included 72% steers and 72% of the offering over 600 pounds.  Medium and Large 1 feeder steers 607 to 649 pounds brought $232.50 to $251 and feeder steers 700 to 749 pounds brought $195 to $215.50.  Medium and Large 1 feeder heifers 565 to 581 pounds brought $218 to $232 and feeder heifers 608 to 635 pounds brought $213 to $227. 

At the South Dakota hay market, all types and classes of hay were steady.  There is still a lot snow to melt in Eastern South Dakota.  The USDA says the demand for all classes and qualities of hay is very good.  Demand for bedding for livestock is also very good.  Alfalfa, supreme, large squares brought $275.  Alfalfa, fair, large rounds brought $220.  Large squares brought $250.  Alfalfa, utility hay, brought $200.  Alfalfa/grass mix, good, large rounds brought $210.  Alfalfa/grass mix, fair, large rounds brought $220.  Large squares brought $250.  Grass, good, large rounds brought $220.  Large squares brought $195.  Grass, fair, large rounds brought $150 to $180. 

Boxed beef closed lower on light demand for moderate offerings.  Choice was $2.90 lower at $279.88 and Select closed $.14 lower at $268.75.  The Choice/Select spread is $11.13.   Estimated cattle slaughter was 108,000 head – down 5,000 on the week and down 6,000 on the year.  Saturday’s estimated kill is 16,000 head – down 1,000 on the week and down 42,000 on the year. 

Lean hog futures were supported by oversold signals and the higher midday move in pork.  April lean hogs closed $1.42 higher at $77.17 and May lean hogs closed $2.32 higher at $85.67. 

Cash hogs closed lower with a moderate negotiated run. Processors have been moving decent numbers this week, but at mostly lower prices.  From available supplies to long-term demand uncertainty, the market has been under some pretty significant pressure lately.  Packers haven’t had the need to get aggressive in their procurement efforts and move prices higher. Barrows and gilts at the National Daily Direct closed $.13 lower with a base range of $71 to $79 and a weighted average of $76.58; the Western Corn Belt had no comparison but a weighted average of $76.09; the Eastern Corn Belt also had no comparison but a weighted average of $77.07.  Prices at the Iowa/Minnesota were not reported due to confidentiality. 

According to the USDA’s Weekly Feeder Pig Report, early-weaned pigs were $7 per head lower and feeder pigs were $3 per head lower.  Demand was steady to start the week, but then backed off on the moderate offerings.  The Total Composite Cash Range for early-weaned pigs was $20 to $56 and a weighted average of $39.64.  The Total Composite Formula Range was $40.58 to $54.55 with a weighted average of $46.89.  The weighted average for all early-weaned pigs was $42.84 and the weighted average for all feeder pigs was $85.89. 

Butcher hog prices at the Midwest cash markets are steady at $60. 

Pork values closed higher – up $.75 at $81.05.  Hams were sharply higher.  Bellies, loins, and butts were also higher. Picnics and ribs were lower. Estimated hog slaughter was 482,000 head – up 10,000 on the week and up 26,000 on the year.  Saturday’s estimated kill is 63,000 head – down 31,000 on the week and up 7,000 on the year.  Thursday’s hog slaughter has been revised to 490,000 head. 

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