Hog futures ended the week higher
At the Chicago Mercantile Exchange, live cattle were higher on the recent trend in beef, while feeder cattle closed lower, pressured by rising corn prices. June live cattle closed $.52 higher at $116.57 and August live cattle closed $1.22 higher at $118.62. May feeder cattle closed $2.25 lower at $133.60 and August feeder cattle closed $3.12 lower at $146.75.
A fairly quiet end to the week for direct cash cattle trade activity. There was just a little cleanup trade reported in Nebraska at $191 dressed, which is fully steady with the week’s previous business. Deals in the South this week were at $118 to $120 live about steady to $1 lower than last week’s business. Dressed deals in the North were marked at $188 to $191, mostly $191, about $1 lower than the previous week’s weighted averages basis in Nebraska.
At the Mitchell Livestock Auction in South Dakota, compared to last week there was a lower undertone noted on steers up to 850 pounds. Steers 850 to 1000 pounds were steady to $4 lower, steers 1100 to 1150 pounds were up to $3 lower. There was an unevenly steady undertone noted on heifers up to 750 pounds, heifers 750 to 950 pounds were unevenly steady. Receipts were up on the week and the year. Feeder supply included 43 percent steers and 92 percent of the offering was over 600 pounds. Medium and Large 1 feeder steers 560 to 596 pounds brought $154.50 to $167 and feeder steers 855 to 892 pounds brought $122.50 to $130.75. Medium and Large 1 feeder heifers 702 to 746 pounds brought $124 to $133.75 and feeder heifers 853 to 882 pounds brought $117 to 121.10.
At the Nebraska Hay Market, compared to the previous week alfalfa, grass hay, and ground and delivered hay sold steady. Dehy pellets in the eastern side of the state were $10 higher with a steady market in the Platte Valley area. There were several requests for loads of grass hay this week as ranchers are trying to supplement to get to summer grass and hay sales reflected that. In Central Nebraska, Alfalfa, fair large rounds brought $70 to $72. Alfalfa, ground brought $140. Prairie/Meadow grass small squares brought $170. Prairie/Meadow grass large rounds brought $100. In the East, Alfalfa pellets 15% protein brought $300 and Alfalfa pellets 17% protein brought $330. In Platte Valley, Alfalfa, good large rounds brought $110 to $115. Alfalfa, ground, brought $145 to $150. Alfalfa pellets 17% protein brought $280 to $290. In the West, Alfalfa, supreme large squares brought $210. Alfalfa, ground brought $173.
Boxed beef closed sharply higher on good demand for moderate offerings. Choice closed $2.74 higher at $296.50 and Select closed $3.26 higher at $283.05. The Choice/Select spread is $13.45. Estimated cattle slaughter is 115,000 head – up 2,000 on the week and up 34,000 on the year. Saturday’s estimated kill is 57,000 head – down 17,000 on the week and up 9,000 on the year.
Lean hog futures ended the day higher, supported by higher cash prices and higher pork values. May lean hogs closed $1.40 higher at $110.12 and June lean hogs closed $3 higher at $109.72.
Cash hogs were closed mixed with a fairly light negotiated run. Packers are bidding up to move more numbers at the end of the week. They’re also monitoring the availability of market-ready barrows and gilts. The demand on both the global market and domestically for US pork has been strong and that has provided a lot of price support. The industry expects that to continue. Barrows and gilts at the National Daily Direct closed $1.39 higher with a base range of $106.82 to $120 and a weighted average of $112.49. The Iowa/Minnesota closed $.60 lower with a weighted average of $116.49; the Western Corn Belt closed $.14 higher with a weighted average $116.43. Prices at the Eastern Corn Belt were not reported due to confidentiality.
According to the USDA’s Feeder Pig Report, compared to last week, early-weaned pigs were steady to weak and all feeder pigs were $6 per head lower. The USDA says demand was moderate for moderate offerings and receipts included 39% formulated prices. The weighted average for all early-weaned pigs was $48.93 and the weighted average for all feeder pigs was $93.13.
Butcher hog prices at the Midwest cash markets are $2 lower at $62. At Illinois, slaughter sow prices were steady with moderate demand for light to moderate offerings at $54 to $64. Barrow and gilt prices were steady with good demand for heavy offerings at $69 to $79. Boars ranged from $40 to $45 and $15 to $20.
Pork values close sharply higher – up $2.91 at $110.46. Butts ended the day $10.52 higher. The rest of the primals were higher to sharply higher. Estimated hog slaughter is 470,000 head – down 4,000 on the week and up 195,000 on the year. Saturday’s estimated kill is 51,000 head – down 12,000 on the week and up 76,000 on the year.