Market News: Cattle Futures Mixed Ahead of Direct Business
The cattle futures market saw a mixed day of trading ahead of direct business this week. At the Chicago Mercantile Exchange, live and feeder cattle prices were a mixed bag, with August lives closing lower at $184.42 and October lives closing higher at $184.35. August feeders closed higher at $259.05, while September feeders closed lower at $260.07.
Direct cash cattle trade remained quiet on Tuesday, with bids and asking prices not surfacing. Showlists for the week were mixed, with higher numbers in Kansas but lower numbers in Nebraska, Colorado, and Texas. Significant trade volume is expected to be delayed until later in the week.
At the OKC West Livestock Auction, steer and heifer calves that were weaned saw mostly steady prices, while unweaned or short-weaned calves sold with a lower undertone. Demand was moderate, and receipts were down significantly compared to the previous week and year.
Boxed beef prices closed higher with good demand for solid offerings, with Choice beef up $.75 at $323.39 and Select beef up $.19 at $305.26. The Choice/Select spread was $18.13. Estimated cattle slaughter was 121,000 head, down 2,000 from the previous week and down about 7,000 from the previous year.
In the lean hog futures market, prices ended mostly lower ahead of the Quarterly Hogs and Pigs report on Thursday. Cash hog prices closed higher with a large negotiated run, as processors were aggressive in their procurement efforts. The demand for U.S. pork on the global market remained strong, but ample supplies of market-ready hogs and relatively high hog weights limited upside potential.
Butcher hog prices at Midwest cash markets remained steady at $66, while slaughter sow prices in Illinois were steady with moderate demand. Pork values closed lower, down $2.52 at $95.31, with bellies sharply lower and other cuts also seeing declines. Estimated hog slaughter was 481,000 head, down 1,000 from the previous week and up about 15,000 from the previous year.
Overall, the livestock markets are seeing a mix of trends and factors influencing prices, with traders keeping a close eye on direct business and the upcoming Quarterly Hogs and Pigs report for further insights into market conditions.
