At the Chicago Mercantile Exchange, cattle futures closed higher on the potential for a higher cash trade this week, concerns as weather continues to create challenges getting cattle to market, and some spillover support from the sharply higher hog trade. April live cattle closed $.45 higher at $129.57 and June contracts closed $.65 higher at $123.37. April feeder cattle closed $.52 higher at $148.32 and May contracts closed $1.60 higher at $152.12.
Direct cash cattle trade is quiet and
packer inquiry remains minimal. The
first bids of the week have yet to surface and asking prices are holding firm
at $130 to $132 live and $210 plus, dressed.
Significant trade volume may be delayed until the sometime Thursday or
Friday.
At the Huss-Platte
Valley Auction in Nebraska, receipts are up on the week and down on the
year. Compared to last week’s weather
market steers and heifers sold sharply higher.
There was a large crowd of buyers who bid readily from start to
finish. Receipts were weakened for the
second week in a row due to soft, muddy conditions. Feeder supply included 52 percent steers and
92 percent of the offering was over 600 pounds.
Medium and Large 1 feeder steers 657 to 688 brought $155.50 to $167.50
and feeder steers 800 to 846 pounds brought $140.50 to $148. Medium and Large 1 feeder heifers 611 to 640
pounds brought $144 to $154.50 and feeder heifers 700 to 735 pounds brought $132.75
to $135.85.
Boxed beef closed weak to lower on
light to moderate demand and light offerings.
Choice closed $.66 lower at $228.67 and Select closed $.83 lower at
$218.63. The Choice/Select spread is
$10.04. Estimated cattle slaughter is 120,000
head – up 11,000 on the week and 2,000 on the year.
Lean hog futures ended
the day locked limit higher through August bolstered by strong cash trade and expectations
of increased demand for pork on the global market as a result of the continued
spread of African Swine Fever. April closed $3
higher at $73.82 and May contracts closed $3 higher at $82.15.
Cash hogs closed sharply higher with large negotiated purchase totals.
Continue reading Hog futures soar on demand hopes at Brownfield Ag News.
