Market News
Cattle, hog futures end the week lower
At the Chicago Mercantile Exchange, live and feeder cattle were lower ahead of Friday’s On Feed numbers from the UDSA.
It’ was a pretty quiet day for direct cash cattle business on Friday. There was some scattered cleanup trade. Live deals in the North were at $187. For the week, northern dressed deals were marked at mostly $294, about $2 higher than the prior week’s weighted averages. Live deals in the South were at $184 to $185, $1 to $2 higher than the previous week’s business.
At the Mobridge Livestock Exchange in South Dakota, steer calves 400 to 499 pounds were $7 to $10 higher. Steers 500 to 549 pounds and 600 to 649 pounds were mostly steady. Steers 550 to 599 pounds were $4 to $7 higher. Heifer calves 400 to 449 pounds and 500 to 549 pounds were $6 to $10 higher. Heifers 450 to 499 pounds were mostly steady. The USDA says demand was good to very good for the large calf offerings. There were a handful of loads and many packages offered, all off the cow. Prices varied depending on hide color and the amount of preconditioning. Calves with no shots were met with the steepest discounts. There were many attractive quality calves to choose from and flesh condition was mostly light. The market was active. Receipts were up on the week and the year. Feeder supply included 62% steers and 7% of the offering was over 600 pounds. Medium and Large 1 feeder steers 502 to 547 pounds brought $293 to $315.50 and feeder steers 552 to 599 pounds brought $293 to $315.50. Medium and Large 1 feeder heifers 452 to 479 pounds brought $311 to $318 and feeder heifers 504 to 531 pounds brought $270 to $289.
In Nebraska, there were few hay sales, but prices were mostly steady. The USDA says demand has been light and hay movement continues to be a low-priority for producers until row crops are harvested. The hay inventory for livestock producers in droughty parts of the state will factor into future demand and movement. In the East, Alfalfa, pellets 17% dehydrated, brought $330 to $340. In the Platte Valley area, alfalfa, good, large rounds brought $170. In the West, alfalfa, premium, small squares brought $10. Alfalfa, ground, brought $160 to $185. Forage mix, four-way, good, large squares brought $140.
Boxed beef closed higher on strong demand for solid offerings. Choice was $1.26 higher at $305.38 and Select closed $1.22 higher at $278.70. The Choice/Select spread was $26.68. Estimated cattle slaughter was 118,000 head – up 6,000 on the week and down 5,000 on the year. Saturday’s estimated kill is 18,000 head – up 12,000 on the week and down 34,000 on the year.
Lean hog futures were lower, pressured by the sharply lower cash business during the session and ongoing concerns about demand.
Cash hogs closed lower with a light negotiated run. Processors weren’t aggressive in their procurement efforts and likely had needed numbers on hand. While demand for US pork on the global market has been relatively strong, there are lingering concerns it could wane. Domestic demand could see a bump as pork could become more competitively priced at the grocery store. The industry continues to monitor the availability of market-ready hogs. Barrows and gilts at the National Daily Direct closed $3.59 lower with a base range of $67 to $74 and a weighted average of $69.57; the Iowa/Minnesota closed $3.77 lower with a weighted average of $70.01; the Western Corn Belt closed $3.62 lower with a weighted average of $69.79. Prices at the Regional Direct Markets were not reported due to confidentiality.
According to the USDA’s Weekly Feeder Pig report, early-weaned pigs were steady and feeder pigs were $8 lower. Demand was moderate for moderate offerings. The Total Composite Cash range was $14 to $33.50 for a weighted average of $24.06 and the Total Composite Formula Range was $25.68 to $53.62 and a weighted average of $37.87. The weighted average for all early-weaned pigs was $29.39 and the weighted average for all feeder pigs was $35.85.
Butcher hog prices at the Midwest cash markets are steady at $55. At Illinois, slaughter sow prices were $1 higher with moderate demand for moderate offerings at $22 to $34. Barrows and gilts were steady with moderate demand for moderate offerings at $39 to $49. Boars ranged from $18 to $21 and $5 to $10.
Pork values closed higher up $.84 at $87.97. Hams, loins, butts, and ribs were higher. Bellies and picnics were lower. Estimated hog slaughter was 479,000 head – down 1,000 on the week and even on the year. Saturday’s estimated kill was 207,000 head – up 20,000 on the week and up 60,000 on the year.
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Author: Meghan Grebner