Cattle futures remain under pressure

Market News Cattle futures remain under pressure At the Chicago Mercantile Exchange, live and feeder cattle were lower on fund liquidation waiting for direct business to develop. Feeders had additional pressure from the higher move in corn. October live cattle closed $2.65 lower at $210.95 and December lean hogs closed $2.07 lower at $212.12. September feeder cattle closed $4.95 lower at $319.27 and October feeder cattle closed $4.95 lower at $313.32. There was a light round of direct cash cattle trade that was reported on Tuesday. Dressed deals in Nebraska were marked at $345, and are set for delayed delivery. That’s about $10 lower than the prior week’s business. Bids didn’t surfaced elsewhere and asking prices were at $228 to $230 live in the South. At the Callaway Livestock Center in Missouri, feeder cattle of all weights sold with a sharply lower undertone as the feeder market continues to operate under significant pressure. Slaughter cows also sold with a lower undertone. Receipts were up from the most recent sale and down on the year. Feeder supply included 70 percent steers with 61 percent of the offering weighing more than 600 pounds. Medium and Large 1 feeder steers 661 to 664 pounds brought $381 to $386.50 and feeder steers 853 to 891 pounds brought $318.25 to $335. Medium and Large 1 feeder heifers 556 to 579 pounds brought $368 to $377 and feeder heifers 647 pounds brought $357.75. Boxed beef closed sharply higher with solid demand and moderate offerings. Choice was $2.84 higher at $388.53 and Select was $3.96 higher at $368.98. The Choice/Select spread is $19.55. Estimated cattle slaughter was 107,000 head, up 1,000 on the week and down nearly 12,000 on the year. Lean hog futures closed lower on technical selling and the lower move in pork. October lean hogs closed $.67 lower at $80.45 and December lean hogs closed $1.12 lower at $70.35. Cash hogs closed higher with a solid negotiated run. The cash hog market has struggled to find consistency. Processors have leverage and are continuing to control the pace of business. They were a little more aggressive in their procurement efforts Tuesday. The industry continues to monitor the availability of market-ready hogs and hog weights. Demand for US pork has had some bright spots on the global market, as well as domestically. But there are still some long-term concerns that linger. Barrows and gilts at the National Daily Direct are $1.62 higher with a base range of $84 to $95.25 and a weighted average of $91.02; no comparison at the Iowa/Minnesota but a weighted average of $90.71; the Western Corn Belt has a weighted average of $90.69; the Eastern Corn Belt had a weighted average of $94.37. Butcher hog prices at the Midwest cash markets are steady at $66. At Illinois, slaughter sows were steady with a higher undertone. Demand was moderate for moderate offerings at $42 to $54. Barrows and gilts were steady with moderate demand for moderate offerings at $55 to $65. Boars ranged from $22 to $32 and $10 to $13. Pork values closed lower, down $2.26 at $97.67. Bellies, picnics, butts, loins, and hams were all down. Ribs were up. Estimated hog slaughter was 488,000 head, up 12,000 on the week and up about 9,000 on the year. Add Comment