At the Chicago Mercantile Exchange, live and feeder cattle ended the day higher, supported by the lower move in corn and waiting for direct cash business to develop. April live cattle closed $3.02 higher at $140.32 and June live cattle closed $2.75 higher at $135.70. April feeder cattle closed $4.42 higher at $162.50 and May feeder cattle closed $3.72 higher at $167.45.
It’s been a quiet start to the week for direct cash cattle trade activity. Bids and asking prices have yet to surface. Showlists are mixed, somewhat higher in Kansas, higher in Texas, and lower in Nebraska/Colorado. Look for significant trade volume to develop midweek or later.
At Midsession at the Oklahoma National Stockyards, compared to last week feeder steers are $2 to $4 higher. Feeder heifers are $3 to $6 higher. Steer and heifer calves were unevenly steady. The USDA says demand was good for feeder cattle and moderate to good for calves. Receipts were down on the week and the year. Feeder supply included 51% steers and 65% of the offering was over 600 pounds. Medium and Large 1 feeder steers 658 to 694 pounds brought $155 to $174 and feeder steers 855 to 889 pounds brought $139 to $144. Medium and Large 1 feeder heifers 601 to 643 pounds brought $149 to $162 and feeder heifers 651 to 682 pounds brought $140 to $153.
Boxed beef closed higher on solid demand for light offerings. Choice closed $.80 higher at $255.51 and Select closed $.83 higher at $249.94. The Choice/Select spread is $5.57. Estimated cattle slaughter is 125,000 head – even on the week and up 17,000 on the year.
Lean hog futures are mixed adjusting spreads. While the potential for tighter supplies could give the market some momentum, long-term demand concerns linger. April lean hogs closed $.52 lower at $102.20 and May lean hogs closed $.15 higher at $110.30.
Cash hogs closed higher with a moderate negotiated run. Processors started the week off with more aggressive procurement efforts and bid up to move their desired numbers. Demand for US pork on the global market has been strong, helping to provide some price support. That is expected to continue. Barrows and gilts at the National Daily Direct closed $.63 higher with a base range of $98 to $112 and a weighted average of $102.20; the Iowa/Minnesota closed $2.25 higher at $108.40; the Western Corn Belt closed $2.88 higher with a weighted average of $108.30. Prices at the Eastern Corn Belt were not reported due to confidentiality.
Butcher hog prices at the Midwest cash markets are at $70. At Illinois, slaughter sow prices were $2 to $3 higher with moderate demand for moderate offerings at $72 to $82. Barrows and gilts were steady to $1 higher with moderate demand for moderate offerings at $63 to $70. Boars ranged from $40 to $45 and $20 to $25.
Pork values closed higher – up $.64 at $103.19.
