market news
Cattle futures rise ahead of expansion of direct trading
Live and feed cattle prices were high on the Chicago Mercantile Exchange as it awaited the development of direct trading. Boxed beef was expensive at noon. February live stock rose $2.72 to $190.10, and April live stock closed at $192.60, up $3.05. January feeder cattle closed at $259.30, up $3.45, and March feeder cattle rose $4.50 at $259.50.
Direct trade in cattle remained quiet on Thursday as well. Bidding was $190 for the live and $305 for the dress, both of which surfaced from upstate. Asking prices were a solid $192-$193 for the southern gig and $310 for the northern dress. In order for business to move forward, one side has to give way.
In South Dakota last week, steer calves were $5 to $10 cheaper, heifer calves were $5 to $10 cheaper, and in some cases, heifer calves of 400 to 450 were $15 cheaper. there were. Yearling feeder steers were $2 to $5 lower, while heifers were unevenly stable. The Department of Agriculture said demand for steers and heifer calves was strong, but the market was not very active. Receipts decreased on a weekly basis but increased on a yearly basis. The feeder supply contained 56% steers, and 64% of the offerings were over 600 pounds. Medium and large single feeder steers 550-590 pounds went from $320 to $361, and feeder steers 651-699 pounds went from $276 to $324. Single medium and large feeder heifers from 501 to 549 pounds brought in $290 to $335, and feeder heifers from 600 to 646 pounds brought in $262 to $315.
Boxed beef closed significantly higher due to strong demand for heavier items. Choice rose $4.41 to $320.39 and Select rose $2.02 to close at $288.77. The Choice/Select spread is $31.62. Estimated cattle slaughter was 119,000 head, down 2,000 head for the week and more than 5,000 head for the year.
Lean hog futures ended the day mixed due to spread adjustments. Really Lean Pig closed $0.17 lower at $84.20, and April Lean Pig closed $0.07 higher at $89.25.
The dollar strengthened and ended the session with moderate price movements. The Packers appear to be more aggressive in their procurement efforts after the midweek break and ahead of another shortened break week. Demand for U.S. pork in global markets is strong, supporting prices. The industry continues to monitor the supply of marketable pigs and pig weights. National Dairy Direct’s Burrows and Gilt closed $0.48 lower with a reference range of $71 to $80 and a weighted average of $79.08. Comparisons were not available for Iowa/Minnesota and the Western Corn Belt, but the weighted averages were $79.36 and $79.31. Eastern Corn Belt prices were not reported for confidentiality reasons.
In Illinois, slaughter sow prices were stable with snack demand ranging from $32 to $44. Barrow and Gilt were stable, with moderate demand for items priced between $48 and $58. Boar ranged from $20 to $30 and $15 to $25.
Pork prices rose, rising $1.07 to end at $95.69. Ham, loin, ribs, and butt are all expensive. Having a picnic made my stomach drop. The estimated number of pigs slaughtered was 490,000, an increase of 3,000 for the week and nearly 3,000 for the year.
