At the Chicago
Mercantile Exchange, cattle futures ended the day lower on profit-taking and the
USDA’s projections for growth in beef production from the Ag Outlook Forum. Feeder cattle were mostly lower on the same
factors. The USDA’s latest livestock
slaughter report was bearish to prices. February
live cattle closed $1.20 lower at $120.10 and April live cattle closed $1.65
lower at $119.15. March feeder cattle
closed $.02 higher at $140.80 and April feeder cattle closed $.50 lower at
$142.52.
Another round of light direct cash cattle trade has been reported. Live deals in parts of Nebraska are at $119 to $120, steady to $1 higher than last week’s weighted average basis. Dressed deals are at $190, about steady with last week. A light trade in Colorado is being reported at $120 live, fully steady with last week. A handful of deals have also been reported in Iowa at $190. Some asking prices remain firm at $122 live and $195 plus dressed.
At the Huss Livestock Market in Nebraska,
compared to last week steers over 600 pounds sold $2 to $8 higher, heifers under
600 pounds were $2 to $6 higher, 600 to 700 pounds were mostly steady and
heifers over 700 pounds were $1 to $3 higher.
The USDA says demand was good from the buyers in the crowd. Receipts were down on the week. Feeder supply included 62 percent steers and
78 percent of the offering was over 600 pounds.
Medium and Large 1 feeder steers 651 to 686 pounds brought $155.25 to $166
and feeder steers 707 to 748 pounds brought $149.50 to $160.75. Medium and Large 1 feeder heifers 551 to 599
pounds brought $152.50 to $161.60 and feeder heifers 651 to 681 pounds brought
$134 to $145.
Boxed beef closed steady to lower on light to moderate demand and heavy offerings. Choice closed $1.07 lower at $204.50 and Select closed $.16 lower at $201.60. Estimated cattle slaughter is 122,000 head – up 1,000 on the week and 7,000 on the year.
Lean hog futures ended the day lower on profit-taking, weaker cash prices, and the expectations for increased pork supplies in 2020.
Continue reading Cattle, hog futures lower on profit-taking at Brownfield Ag News.
