Cattle futures higher to end the week

Cattle futures higher to end the week

At the Chicago Mercantile Exchange, live and feeder cattle ended the day higher on the higher cash business and recent strength in boxed beef prices.  December live cattle closed $1.17 higher at $131.80 and February live cattle closed $1.27 higher at $137.12.  November feeder cattle closed $.85 higher at $158.87 and January feeder cattle closed $1.42 higher at $159.60. 

A light to moderate direct cash cattle trade took place on Friday as those sellers who held out most of the week were met with higher offers.  Live deals were marked at $130, $4 to $5 higher than last week’s weighted averages.  Dressed business was at $204, about $2 higher than last week’s weighted average basis in Nebraska. 

At the Mobridge Livestock Exchange in South Dakota, compared to last week steers were $1 to $4 higher with instances of $1 to $2 lower on 400-to-550-pound steers.  There was no comparison on heavier weight steers.  Heifers 400 to 650 pounds were $2 to $5 higher.  There was no comparison on heavier weight heifers.  The USDA says buyer demand was moderate to good for feeding-type cattle with the best demand on steers selling in load lots.  Receipts were up on the week and down on the year.  Feeder supply included 63% steers and 28% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 550 to 595 pounds brought $176.50 to $186 and feeder steers 600 to 630 pounds brought $170 to $180.75.  Medium and Large 1 feeder heifers 450 to 485 pounds brought $157 to $167 and feeder heifers 510 to 535 pounds brought $157 to $166.50. 

This week in Missouri, below-average temperatures brought several mornings of heavy frost, ending the growing season.  The supply of hay is moderate and demand is light.  The USDA says prices are holding mostly steady.  Alfalfa, supreme medium squares brought $200 to $250.  Alfalfa, supreme small squares brought $8 to $12 per bale.  Alfalfa, premium, medium squares brought $160 to $200.  Alfalfa, good large rounds brought $120 to $160.  Alfalfa, good small squares brought $5 to $9 per bale.  Alfalfa, fair large rounds brought $100 to $125.  Alfalfa/Grass mix, good/premium small squares brought $6 to $8 per bale.  Mixed grass, good/premium large rounds brought $80 to $140.  Mixed grass, fair/good large rounds brought $60 to $100. 

Boxed beef closed lower light demand for moderate offerings.  Choice closed $.68 lower at $289.54 and Select closed $.70 lower at $267.52.  The Choice/Select spread is $22.02. Estimated cattle slaughter is 118,000 head – up 2,000 on the week and up 7,000 on the year.  Saturday’s estimated kill is 45,000 head – down 15,000 on the week and down 14,000 on the year. 

Lean hog futures ended the day lower, pressured by lower cash business and long-term demand concerns.  December lean hogs closed $1.32 lower at $76.55 and February lean hogs closed $.70 lower at $79.47. 

Cash hogs closed about steady with solid negotiated numbers.

    

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