Market News
Live cattle lower ahead of widespread direct business
By Filed Under: Closing Futures / Livestock Briefs, Livestock, Livestock Markets, Livestock Markets, Market News, Markets Analysis
At the Chicago Mercantile Exchange, live cattle were down ahead of direct business, while feeders were up on the lower move in corn. June live cattle closed $1.27 lower at $253.27 and August live cattle closed $1.95 lower at $245.30. August feeder cattle were $2.12 higher at $365.77 and September feeder cattle closed $1.62 higher at $362.62.
There was a light round of direct cash cattle trade that took place Wednesday. Dressed deals in Nebraska were marked at $415. There were some bids that surfaced in other parts of cattle country, but those were been passed. The USDA’s Cattle on Feed numbers are out Friday, and significant trade will likely be delayed until late in the week.
At the Interstate Regional Stockyards in Missouri, feeder steers and heifers were mostly firm to $5 higher. However, a few heifers near 425 pounds were steady to $5 lower. The USDA says demand was good for the light supply. Receipts were down on the week and the year. Feeder supply included 63 percent steers with 21 percent of the offering weighed more than 600 pounds. Medium and Large 1 feeder steers 502 to 540 pounds brought $480 to $522.50 and feeder steers 650 to 695 pounds brought $405 to $430. Medium and Large 1 feeder heifers 455 to 491 pounds brought $458 to $470 and feeder heifers 668 to 678 pounds brought $380 to $385.
Boxed beef closed sharply lower with light demand for solid offerings. Choice is $2.13 lower at $393.62 and Select was $2.45 lower at $391.13. The Choice/Select spread is $2.49. Estimated cattle slaughter was 108,000 head, even on the week and down more than 13,000 on the year.
Lean hog futures finished the day lower on cash and wholesale pressure, along with technical selling. June lean hogs closed $.65 lower at $97.27 and July lean hogs closed $.17 lower at $101.97.
Cash hogs closed lower with a fairly light negotiated run. Processors haven’t been very aggressive in their procurement efforts, and business has been reflective of that this week. Demand remains in question, especially on the global market. While there have been some bright spots, there are long-term concerns that linger. Domestic demand could see a boost with the official return of the summer grilling season. Hog weights jumped again this week to 291.3 pounds, that is up a half pound from last week and is almost 3.5 pounds above year-ago levels.
Barrows and gilts at the National Daily Direct were $1.11 lower with a base range of $88 to $95 and a weighted average of $93.76; the Iowa/Minnesota closed $.20 lower with a weighted average of $94.72; the Western Corn Belt closed $.76 lower with a weighted average of $94.17. Prices at the Eastern Corn Belt were not reported due to confidentiality.
At Illinois, slaughter sows were steady with moderate demand for light to moderate offerings at $47 to $59. Barrows and gilts were steady with moderate demand for moderate offerings at $47 to $57. Boars ranged from $8 to $15 and $5 to $8.
Pork values closed lower, down $1.41 at $95.47. Bellies were sharply lower. Ribs, picnics, loins, and hams were all lower. Butts were higher. Estimated hog slaughter was 482,000 head, up 3,000 on the week and up about 1,000 on the year.
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