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Cash cattle trade delayed until the end of the week
The cash cattle market was not tested on Wednesday afternoon with just a few bids reported in Iowa and Nebraska from 177.00 to 180.00 on a dressed basis. Given such a wide basis asking prices of 117.00 plus in the South and 185.00 plus in the North are likely to remain firm until Thursday or Friday. The Wednesday cattle slaughter at 129,000 head is 3,000 greater than last week and 1,000 more than last year at this time.
Boxed beef cutout values were steady on light to moderate demand and offerings. Choice beef was down .15 at 178.09, and select was up .11 at 171.46.
Chicago Mercantile Exchange live cattle contracts settled 15 to 85 points lower on Wednesday. Trade in the live pit was mixed for much of the session with renewed support in the corn markets pressuring nearby contracts on the concerns that the higher prices will continue to erode overall demand while increasing production costs The deferred contracts saw just moderate losses after trading higher much of the session on ideas higher production costs will curb supply levels long term. August settled .85 lower at 117.95, and October was down .40 at 122.92.
Feeder cattle ended the session 100 to 300 points lower on ideas the rally in the grain markets is not officially dead, and created sharp pressure in the feeder complex. August settled 3.00 lower at 134.67, and September was down 2.97 at 137.37.
Feeder cattle receipts at the Ozarks Regional Stockyards at West Plains, Missouri totaled 2200 head on Tuesday. Compared to last week’s sharp decline, steers weighing 450 to 600 lbs. and 3 to 6 weight heifers were 3.00 to 7.00 higher, steers over 650 lbs. and heifers weighing more than 600 lbs. trended steady to 2.00 higher. Some light weight steer calves less than 400 lbs. were sharply 15.00 to 20.00 higher. 4 to 5 weight steers calves traded from 137.50 to 147.50 and 500 to 600 lb. heifers brought 117.00 to 128.00.
Lean hogs settled 75 to 225 points higher based on continued support in wholesale pork values. Tuesday as well as expectations that the pork supply will continue to tighten up due to hot weather and higher feed costs. The volatility in the feed market is expected to continue which will likely draw choppy movement into the lean hog complex. August lean hogs settled 1.62 points higher at 94.55, and October was up 2.17 at 80.20.
Barrows and gilts in the Iowa/Minnesota direct trade closed .40 higher on a weighted average carcass basis, the West was up .44 with both at 94.14, Eastern barrows and gilts closed .53 lower at 83.16. The Missouri direct base carcass meat price trended steady to 1.00 lower from 82.00 to 88.00. Terminal hogs ended the day steady to an instance of 2.00 lower from 55.00 to 61.00 live.
There was slow market activity with light demand in the hogs on Wednesday. Most packers reportedly have enough hogs for the remainder of the week’s kill schedule.
Pork trading was light to moderate, with light to moderate demand and mostly light offerings. Pork carcass cutout values were .16 higher at 92.68.
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