Market News
Hog futures higher on oversold signals
At the Chicago Mercantile Exchange, finished the day mostly higher watching direct business develop and waiting on the Cattle on Feed numbers. October live cattle closed $0.07 lower at $217.92 and December live Cattle closed $0.22 higher at $218.50. September feeder cattle closed $0.10 higher at $329.47 and October feeder cattle closed $0.95 higher at $323.65.
Through the end of the day Friday, there had been very light direct cattle business throughout the week. Live deals had ranged from $223 to $227 and dressed business in the North had been at mostly $355 to $356, with a few at $358. Both were below the prior week’s weighted averages.
At the Mid-Missouri Stockyards, steers and heifers were mostly steady to $6 lower on limited weight comparisons. The USDA says demand was good on the moderate supply. Receipts were about steady on the week and up on the year. Feeder supply included 42 percent steers with 47 percent of the offering weighing more than 600 pounds. Medium and Large 1 feeder steers 604 to 632 pounds brought $300 to $362.50 and feeder steers 762 to 769 pounds brought $338 to $344. Medium and Large 1 feeder heifers 560 to 598 pounds brought $381 to $385 and feeder heifers 605 to 621 pounds brought $350 to $365.
Boxed beef closed sharply lower with light demand for light offerings. Choice was $4.24 down at $385.69 and Select was $2.42 lower at $361.32. The Choice/Select spread was $24.37. Estimated cattle slaughter was 99,000 head, down 1,000 on the week and down about 2,000 on the year. Saturday’s estimated kill is 15,000 head, up 14,000 on the week and up about 12,000 on the year.
Lean hog futures finished the day higher on oversold signals. October lean hogs closed $0.65 higher at $80.87 and December lean hogs closed $0.77 higher at $71.25.
Cash hogs closed mixed with a moderate negotiated run. The cash hog market continues to struggle with consistency. Processors have leverage and are moving needed numbers at their pace. Demand is the primary driver for this market. While there continues to be some bright spots, there are lingering concerns about long-term strength. The industry is also monitoring availability of market-ready hogs and hog weights. Barrows and gilts at the National Daily Direct closed $1.93 higher with a base range of $86 to $96 and a weighted average of $94.27; the Western Corn Belt was $1.23 lower with a weighted average of $89.69; no comparison at the Eastern Corn Belt but a weighted average of $94.79. Prices at the Iowa/Minnesota were not reported due to confidentiality.
Butcher hog prices at the Midwest cash markets are steady at $66. At Illinois, slaughter sows were steady with moderate demand for light offerings at $43 to $55. Barrows and gilts were steady with moderate demand for light offerings at $57 to $67. Boars ranged from $22 to $32 and $10 to $13.
Pork values closed higher, up $1.47 at $97.96. Butts were sharply higher. Ribs, bellies, and picnics were higher. Hams were down. Estimated hog slaughter was 454,000 head, up 34,000 on the week and up about 500 on the year. Saturday’s estimated kill is 39,000 head, up 21,000 on the week and down about 18,000 on the year.
Add Comment