Market News
Cattle, hog futures end the week quiet
At the CME, live and feeder cattle futures were lower in light post-holiday trade volume on technical selling. Feeders had additional pressure from the modestly higher move in corn. December live was $.27 lower at $153.07 and February was down $.30 at $155.12. January feeders were down $.95 at $178.30 and March was $.80 lower at $181.55.
The cash cattle market didn’t see much action Friday and no bids were renewed. Some late trade has was reported from Wednesday afternoon, but other than that the cash market was stagnant. Throughout last week, Northern cattle traded for $245 dressed, which is $3.00 higher than the previous week’s weighted average. And Southern live cattle traded for $154 to $155, which is roughly $4.00 higher than the previous week’s weighted average.
At the Oklahoma National Stockyards in Oklahoma City, compared to last week, feeder steers were steady to $2 higher. Feeder heifers were mostly steady. The USDA says demand was moderate to good for feeder cattle. Steer and heifer calves traded mostly $3 to $6 higher. Demand was good for lightweight grazing cattle with quality to attractive cattle with several nice feeders available. Receipts were down on the week and year. 56 percent of the feeder supply were steers and 42 percent of the offering was over 600 pounds. Medium and Large 1 Feeder steers 670 to 696 pounds brought $168 to $180 and feeder steers 708 to 745 pounds brought $166 to $168. Medium and Large 1 Feeder heifers 606 to 649 pounds brought $160 to $175.50 and feeder heifers 753 to 791 pounds brought $159 to $169.50.
Boxed Beef cutout values closed mixed with Choice $.73 lower at $251.83 and Select $1.04 higher at $34.37. The Choice/Select spread is $17.46.
Estimated cattle slaughter is 112,000, down 13,000 on the week, and 4,000 on the year.
Lean hog futures closed lower, pressured by the lower midday move in pork. That erased the initial support from the weekly export sales numbers. December was down $.17 at $83.77 and February was $.30 lower at $88.50.
Cash hogs were quiet Friday, with light closing negotiated numbers for the major direct markets. The bulk of the week’s business was done ahead of the Thanksgiving holiday earlier this week. Processors have not had to work hard to meet their procurement efforts. Demand for US pork remains strong despite concerns about a slowing global economy. Barrows and gilts at the National Daily Direct did not have a recent comparison with a base price range of $76.50 to $87.50 with a weighted average of $82.95. Regional markets did not report due to confidentiality reasons.
Butcher hog sales were closed this week in Iowa and Wisconsin.
Pork values closed lower, down $1.73 at $87.63. Bellies were sharply lower with picnics and ribs lower. Loins, butts and hams were higher.
Estimated hog slaughter is 465,000 down 13,000 on the week, but up 7,000 on the year.
