At the Chicago
Mercantile Exchange, live cattle ended the day mixed on spread adjustments
ahead of widespread direct cash business.
Feeder cattle were mostly higher on stronger demand expectations for the
end of the year. December live cattle
closed $.20 lower at $120.55 and February live cattle closed $.15 lower at $125.65. January feeder cattle closed $.22 higher at $142.92
and March feeder cattle closed $.10 lower at $142.92.
Direct cash cattle trade remains quiet. Bids have yet to surface and asking prices are at $122 live in the South and $193 plus, dressed in the North. It’s looking like significant trade volume will be delayed until the latter half of the week. Wednesday’s Fed Cattle Exchange has an offering of 1,189 head.
At the Callaway Livestock Center in Missouri, compared to last week, lightweight steers were $6 to $8 higher, 5-weight steers sold firm to $5 higher, and steers over 600 pounds were not well tested. Feeder heifers weighing 400 to 500 pounds sold $4 to $6 higher on a light test, 5-weight heifers were mostly $2 to $5 higher on comparable sales and heifers over 600 pounds sold steady to firm. Receipts of 2,341 head were down on the week. Feeder supply included 60 percent steers and 50 percent of the offering was over 600 pounds. Medium and Large 1 feeder steers 500 to 549 pounds brought $162 to $173.50 and feeder steers 600 to 648 pounds brought $145 to $150.75. Medium and Large 1 feeder heifers 511 to 544 pounds brought $138.50 to $145 and feeder heifers 601 to 616 pounds brought $135.50 to $140.
Boxed beef closed weak to lower on light demand for heavy
offerings. Choice closed $2.46 lower at $230.15
and Choice closed $.67 lower at $212.31.
The Choice/Select spread closed at $17.84. Estimated cattle slaughter is 120,000 head – up 13,000 on
the week and even on the year. Monday’s cattle
slaughter has been revised to 120,000 head.
Lean hog futures ended
the day higher on support from higher cash trade and contracts oversold and due
for a bounce. December lean hogs closed
$2.15 higher at $62.50 and February lean hogs closed $2.22 higher at
$68.37.
Cash hogs closed higher with strong negotiated purchases.
Continue reading Lean hogs higher on an oversold bounce at Brownfield Ag News.
