Cattle futures higher ahead of On Feed numbers

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Cattle futures higher ahead of On Feed numbers

At the CME, live cattle closed higher and feeders were mostly higher supported by strong cash trade ahead of Friday’s on feed numbers.  December live cattle closed $.92 higher at $133.15 and February live cattle closed $.85 higher at $137.25.  November feeder cattle closed $.15 lower at $155.92 and January feeder cattle closed $2.45 higher at $161.37.  

It was an active day for direct cash cattle trade on Thursday.  Live deals ranged from $133 to $134 live, $1 to $2 higher than last week’s weighted averages.  Northern dressed business was been at mostly $210, $2 to $3 higher than last week’s weighted average basis in Nebraska.  Asking prices for cattle left on show lists are firm at $134 plus live in the South and $211 in the North. Thursday’s Special Fed Cattle Exchange Auction had an offering of 1,697 head of which 749 head sold at $133.

At the Springfield Livestock Market in Missouri, compared to last week feeder steers under 700 pounds were steady while steers over 700 pounds were $2 to $3 lower on a light test.  Feeder heifers were steady to $3 higher.  The USDA says quality long-weaned cattle were scarce compared to last week’s large run.  Supplies of all feeder classes were moderate to heavy and were met with moderate demand for quality cattle and light to moderate demand for calves.  Receipts were down on the week and the year. Feeder supply included 39% steers and 45% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 512 to 543 pounds brought $157 to $174 and feeder steers 608 to 632 pounds brought $154 to $157.  Medium and Large 1 feeder heifers 564 to 598 pounds brought $137 to $148 and feeder heifers 655 to 699 pounds brought $138 to $147.  

Boxed beef closed lower light demand for solid offerings.  Choice closed $2.31 lower at $276.16 and Select closed $.90 lower at $263.16.  The Choice/Select spread is $13.  Estimated cattle slaughter is 122,000 head – up 5,000 on the week and up 2,000 on the year.  

Lean hog futures ended the day higher, supported by the sharply higher pork values during the session.  December lean hogs closed $1.07 lower at $75.10 and February lean hogs closed $.15 higher at $83.30.  

Cash hogs closed lower with a moderate negotiated run  Processors are watching the availability of market-ready hogs and continue to move their desired numbers at lower prices.  Demand for US pork on the global market and domestically has been strong, and while that is expected to continue there are some concerns which has been putting some pressure on prices.  Barrows and gilts at the National Daily Direct closed $1.20 lower with a base range of $53 to $57.50 and a weighted average of $55.13;  the Iowa/Minnesota had a weighted average of $55.84; the Western Corn Belt had a weighted average of $55.91.  Prices at the Eastern Corn Belt were not reported due to confidentiality.

Butcher hog prices at the midwest cash market are lower at midday.  Dorchester, Wisconsin and Garnavillo, Iowa are $2 lower at $57. Red Oak, Iowa is $3 low at $48.  

Pork values closed sharply higher – up $5.17 at $89.69.  Hams ended the day more than $22 higher.  Ribs and loins were also higher.  Picnics, bellies, and butts were all lower.  Estimated hog slaughter was 481,000 head – up 32,000 on the week and down 6,000 on the year.  

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