At the Chicago Mercantile Exchange, live cattle futures were pressured by the weaker cash trade and weaker wholesale values. Feeder cattle were lower on the days firm move in corn. April live cattle closed $.50 higher at $124.55 and June contracts closed $.32 lower at $115.05. May feeder cattle closed $.40 higher at $143.95 and August feeder cattle closed $.40 lower at $152.85.
Direct cash cattle trade remained quiet Friday following the moderate to active trade earlier in the week. Dressed deals were at mostly $204 to $205 which is $3 to $4 lower than the previous week’s weighted average basis in Nebraska. Live deals were also $3 lower than the previous week’s averages. Southern trade was at mostly $126, which was steady to $1 higher than the previous week’s weighted averages.
The Missouri Weekly Cattle Auction
Summary has receipts down on the week and up on the year. Compared to last week, feeders under 700
pounds were steady to $3 higher, steers over 700 pounds were unevenly steady to
$2 lower on a much lighter supply. The
supply of feeders was moderate and not near as many loads. Feeder supply included 49 percent steers and
34 percent of the offering was over 600 pounds.
Medium and Large 1 feeder steers 400 to 449 brought $160 to $219 and feeder
steers 500 to 548 brought $155 to $205. Medium and Large 1 feeder heifers 450 to 499
pounds brought $14 to $174 and feeder heifers 500 to 549 pounds brought $140 to
$165.
At the Missouri Hay Market – rains have
been a challenge for farmers this week. They
are working to prep hay equipment, and, in some areas, farmers are starting on
haylage and wrapping bales between rains.
The supply of hay is light, and demand is light to moderate, and prices
are steady. Supreme quality alfalfa
brought $200 to $250 and small squares brought $7 to $10 per bale. Premium
quality alfalfa brought $175 to $200, good quality alfalfa brought $120 to $160
with small squares bringing $5 to $7 per bale.
Good quality mixed grass hay brought $100 to $150 with small squares
bringing $5 to $8 per bal. Good quality
bromegrass brought $120 to $150.
Boxed beef closed steady on light to moderate demand and
offerings. Choice closed $.21 higher at
$233.14 and Select closed $.17 lower at $219.58. The Choice/Select spread is $13.56.
Estimated cattle slaughter is 114,000 head – down 1,000 on
the week and even on the year. Saturday’s
estimated kill is 51,000 head – up 10,000 on the week and 14,000 on the
year.
Nearby lean hog contracts
closed lower as the trade remains concerned about the lack of demand combined
with the heavy supply. However, there
are expectations that China will increase demand for pork, helping to support deferred
months. May lean hogs closed $.85 lower
at $87 and June contracts closed $1.02 lower at $88.75.
Cash hogs closed lower with
light to moderate negotiated purchase totals.
The hog market it stuck between two positions – struggling with supply
and demand concerns as the supply of ready barrows and gilts is ample and slaughter
runs continue at their massive pace. Or optimism
centering around the potential increase in demand for US pork as China
continues to struggle with African Swine Fever.
That business has yet to materialize and until the demand increases –
there’s still a lot of pork entering a market that is already saturated.
Barrows and gilts at the Iowa/Southern Minnesota closed $1.58
lower with a range of $72.50 to $84 for a weighted average of $80.70; the
Western Corn Belt closed $1.98 lower with a range of $72 to $84 for a weighted average
of $79.92; the Eastern Corn Belt was not reported due to confidentiality; and
the National Daily Direct is $1.33 lower with a range of $72 to $84 for a weighted
average of $79.62.
The USDA says early weaned pigs were steady and all feeder
pigs were $1 per head higher on light receipts.
Demand was moderate for moderate offerings. Receipts included 42 percent formulated
prices. Total composite formula range
was $37 to $81.84 for an average of $50.97 and total composite cash range was $51
to $72 for an average of $65.19. The
average for all early weaned pigs was $59.07 and the average for all feeder
pigs was $102.
Butcher hog prices at the Midwest cash markets are not available
today. At Illinois, slaughter sow prices
are firm at $49 to $65 with very good demand for light to moderate
offerings. Barrow and gilt prices were
steady at $51 to $60 with good demand for moderate offerings.
Pork values closed firm – up $.55 at $84.27. Hams and picnics were sharply higher. Butts were higher. Loins, ribs, and bellies were lower to
sharply lower. Estimated hog slaughter
is 451,000 head – up 15,000 on the week and up 1,000 on the year. Saturday’s estimated kill is 143,000 head –
up 57,000 on the week and 92,000 on the year.
Continue reading Cattle futures quiet heading into the weekend at Brownfield Ag News.
