Cattle futures mixed, lean hogs higher on Wednesday

Market News Cattle futures mixed, lean hogs higher on Wednesday At the Chicago Mercantile Exchange, live and feeder cattle futures were mixed, mostly higher on spread trade and oversold signals after the recent steep drop. October live was down $.17 at $210.77 and December was up $.45 at $212.57. September feeders were $.27 lower at $319.00 and October was $.92 higher at $314.25. Direct cash cattle trade was mostly quiet. Following the movement that transpired in the North on Tuesday at mostly $345 (which wass $10 lower than the previous weeks weighted average), no new trade developed, but bids were on the table. Bids were currently being offered in Kansas. At the Huss Livestock Market in Kearney, Nebraska, compared to the last sale, feeder steers and heifers sold sharply lower. Some comparable weights $20 lower. The USDA says demand was mostly moderate, but the recent negative news put downward pressure on the market. Receipts were down on the week and year. Feeder supply included 50 percent steers and 95 percent of the offering was over 600 pounds. Medium and Large 1 feeder steers 950 to 978 pounds sold $300 to $317 with an average price of $314.64. Medium and large 1 feeder heifers 855 to 883 pounds sold $282 to $320 with an average price of $302.10. Boxed beef closed sharply lower. Choice dropped $3.40 to $385.13 and Select was $6.30 lower at $362.68. Estimated cattle slaughter is 105,000 head, down 1,000 on the week and more than 13,000 on the year. Lean hog futures ended an up and down day modestly higher on a oversold bounce. October was up $.45 at $80.90 and December was $.62 higher at $70.97. Cash hogs closed mixed with a solid negotiated run. Processors were able to meet their procurement efforts even though the market has struggled to find it’s footing recently. he 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 were down $.27 with a weighted average of $90.75, Iowa/Southern Minnesota was up $.01 at $90.72, and the Western Corn Belt was $.09 higher at $90.78. Butcher hog prices at the Midwest cash markets were $2 lower at $64. Illinois, slaughter sows were $1 higher with moderate demand for moderate offerings. 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 $2.12 lower at $95.55. Loins, ribs, picnics, hams, and bellies were lower Estimated hog slaughter is 484,000 head, up 13,000 on the week and about even on the year. Add Comment