Cattle futures mostly higher on light trade
At the Chicago Mercantile Exchange, live cattle were up and feeders were mostly higher, watching the distribution of this week’s showlist. The modestly higher midday boxed beef provided some support, while the higher move in corn limited gains for feeders. December live was up $.90 at $113.05 and February was $.80 higher at $115.77. January feeders were $.07 higher at $141 and March was up $.27 at $142.60.
Direct cash cattle trade has been slow to start off the week. Asking prices in Kansas and Texas came in at $109 to $110.
Boxed beef cutout values closed mixed. Choice closed 28 cents higher at $207.82 while select closed $1.28 lower at 196.65. The choice/select spread is $11.17.
The Missouri Weekly Cattle Auction Summary, compared to the previous week, yearlings traded steady to $2.00 higher. Live sales ranged from 105.00 to 110.00 and dressed from 168.00 to 172.00. USDA says prices were able to climb with a mostly slow week. Receipts were up on the week and on the year. Feeder supply included 56 percent steers and 62 percent of the offering was over 600 pounds. Medium and Large 1 feeder steers 650 to 699 pounds brought $133.00 to $149.00 for a weighted average of $142.57. Feeder steers 854 to 897 pounds brought $133 to $138.75 for a weighted average of $135.87. Medium and Large 1 feeder heifers 703 to 747 pounds brought $124 to $131.10 for a weighted average of $129.39. And feeder heifers 800 to 836 pounds brought $124.50 to $131.35 for a weighted average of $128.54.
Lean hog futures were modestly lower, with contracts at a premium to the cash index. February was down $.45 at $66.50 and April was $.35 lower at $70.75.
Cash hogs closed lower. The availability of market-ready barrows and gilts is more than ample, and processors have more than enough supply to keep processing numbers up. Daily slaughters continue at their very large levels. That’s helping the industry work through the remaining backlog of hogs in the production system and also keeps the supply chain moving but adds more pork to an already saturated market. Hogs at the National Daily Direct ended the day down 39 cents with a range of $44 to $50 for a weighted average of $50.04. Barrows and gilts at the Iowa/Southern Minnesota closed 13 cents higher for a weighted average of $51.12. Hogs at the Western Cornbelt finished 24 cents higher for a weighted average of $51.29. Prices at the Eastern Cornbelt were not reported due to confidentiality.
Pork values closed higher, up $2.51 at $71.85. Loins, bellies and ribs closed sharply higher. Butts, picnics and hams closed higher.
Estimated hog slaughter is 490,000 head that’s 3,000 up on the week and 5,000 up on the year.