Market News
A quiet end to the week for cattle, hog futures
At the CME, live and feeder cattle ended the day mostly higher, on spread adjustments. Contracts were supported by the week’s stronger cash trade and the recent recovery in boxed beef prices. December live cattle closed $.22 higher at $112.15 and February live cattle closed $.25 higher at $114.97. January feeder cattle closed $.65 higher at $140.92 and March feeder cattle closed $.37 higher at $142.32.
The shortened holiday week finished up with some scattered cleanup trade on Thursday. Light business in Nebraska was at $110 live, that’s fully stead with the week’s previous business. Deals on Wednesday ranged from $109 to $110 live, mostly $110 live, which is $2 higher than the prior week’s weighted averages. Deals in the North were at $109 to $110 live and $172 dressed. Both well above the prior week’s weighted average basis in Nebraska. Give the fairly light business in recent weeks – look for larger, more robust trade next week.
At the Huss Livestock Market in Nebraska, compared to last week steers over 500 pounds were $3 higher and heifers 450 to 650 pounds were steady to $5 lower with 650 to 750-pound heifers steady. The USDA says demand was good from the buyers in the crowd and there was significant online bidding noted. Receipts were down on the week. Feeder supply included 64 percent steers and 77 percent of the offering was over 600 pounds. Medium and Large 1 feeder steers 703 to 740 pounds brought $142 to $149.25 and feeder steers 802 to 845 pounds brought $140 to $145.25. Medium and Large 1 feeder heifers 650 to 681 pounds brought $136 to $140.52 and feeder heifers 751 to 778 pounds brought $130.50 to $135.25.
Lean hog futures ended the day mixed coming off of Wednesday’s Quarterly Hogs and Pigs report from the USDA. February lean hogs closed $.90 lower at $66.95 and April lean hogs closed $.20 lower at $71.10.
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