Cattle futures lower on higher move for corn

Market News

Cattle futures lower on higher move for corn

Chicago Mercantile Exchange live cattle futures were down and feeders were sharply lower, with feeders leading the way on the higher corn. There was also pressure from the lower midday move in boxed beef. June live cattle were down $.72 at $122.10 and August was $1.20 lower at $121.60. August feeder cattle were $3.20 lower at $156.35 and September was down $2.17 at $159.07.

A light trade developed at the end of the day on Monday. Live deals in Nebraska came in around $126, about $1 higher than last week’s weighted averages. Prices in the south came in around $121, steady with last week’s weighted averages. Showlist prices are higher in the north, and mixed in the south. Deals for the day were around $197 dressed in Nebraska.

Boxed beef closed sharply lower with light demand for moderate offerings. Choice closed $7.13 lower at $297.43 and Select closed $2.22 lower at $273.96.  The Choice/Select spread is $23.47.  

At the Eastern MO Commission Company in Bowling Green, Missouri, compared to the previous week, there was an sharply higher undertone noted on steers under to 600 pounds.  Steers over 600 pounds also had some good comparisons.  Heifers 500 to 550 pounds were $2 to $6 higher, and heifers 550 to 750 pounds were $5 to $10 higher.  USDA says demand was very good with moderate offerings.  Receipts were up on the week and on the year.  Feeder supply included 67 percent steers and 71 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 650 to 691 pounds brought $155.00 to $161.50 and feeder steers 710 to 745 pounds brought $149.50 to $160.50. Medium and Large 1 feeder heifers 600 to 640 pounds brought $144.50 to $153.50 and feeder heifers 654 to 678 pounds brought $140.50 to $148.50. 

Estimated cattle slaughter is 118,000 head. That’s even on the week and up 1,000 on the year.

Lean hog futures were sharply higher on an oversold bounce and the higher midday pork, shrugging off the sharply lower cash during the session. Hogs will have an expanded trading limit of $4.50 on Tuesday. July lean hogs were $3.00 higher at $104.95 and August was up $3.00 at $102.77.

Cash hogs closed lower with moderate negotiated purchases.  

Barrows and gilts at the National Daily Direct closed $4.36 lower for a weighted average of $112.53; the Iowa/Minnesota closed with a weighted average of $115.88; the Western Corn Belt closed with a weighted average of $116.44.  Prices at the Eastern Corn Belt were not reported due to confidentiality.  

Pork values closed sharply higher – up $5.09 at $115.13.  Hams and bellies closed sharply higher, up about $14. Ribs closed more than $3 higher. Loins, butts and picnics all closed lower.  

At Illinois, slaughter sow prices were $1 to $4 higher with good demand for moderate offerings at $44 to $54.  Barrow and gilt prices were weak with good demand for heavy offerings at $76 to $85.  Boars ranged from $12 to $50.  

Estimated hog slaughter is 454,000 head, down 14,000 on the week and 12,000 on the year.