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Livestock futures close higher on stock rally
The cash cattle market went untested on Thursday afternoon, but buying interest in the North seemed to improve with bids of 179.00 to 181.00, about 1.00 higher than last week. Asking prices in the North are around 183.00 to 185.00. There were a few bids reported in the South by private sources at 112.00, and asking prices there are 117.00. While we could see some sales late in the day in Nebraska, the Southern trade will probably wait until Friday due to the 5.00 separation in bids and asking prices. The cattle kill totaled 124,000 head, 3,000 less than last week and last year.
Boxed beef cutout values were steady on light demand and light to moderate offerings. Choice boxed beef was up .16 at 178.25, and select was down .13 at 171.33.
Chicago Mercantile Exchange live cattle contracts settled 22 to 47 points higher on the softness in the grain market and the rally in the stock market. At one point near midsession futures softened as early buyer interest was just not deep enough. The market regained some strength on more buyer interest in the feedlot trade and closed higher but off the day’s highs. August settled .22 higher at 118.17, and October was up .25 at 123.17.
Feeder cattle settled 60 to 185 points in the black on the moderate pressure in the grain market, and that prompted strong gains in the feeder futures. August settled at 136.00 up 1.32 and September was 1.45 higher at 138.32.
Feeder cattle receipts at the Huss Platte Valley Auction in Nebraska totaled 3945 head on Wednesday. Compared to two weeks ago, feeder steers and heifers sold 5.00 to 7.00 lower, with instances of 10.00 lower. The demand was moderate. Steer and heifer calves were too lightly tested for an adequate market comparison. 883 head of feeder steers, medium and large 1 averaging 925 lbs. averaged 128.78 per hundredweight. 370 heifers weighing 785 brought 128.87.
Lean hogs ended the session 45 to 145 points higher on follow through trade that developed across the complex with additional support seen from the outside markets. With the Dow Jones index posting a triple digit rally; it appeared that traders focused on additional potential support from both domestic and export markets when it comes to longer term pork values, according to DTN. August settled 1.25 higher at 95.80, and October was up 1.22 at 81.42.
There was slow market activity with light demand in the cash hog market on Thursday. Barrows and gilts in the Iowa/Minnesota direct trade closed 1.36 higher at 95.55 weighted averages on a carcass basis, the West was up 1.19 at 95.29, and the East was .84 higher at 85.03. Missouri direct base carcass meat price closed 1.00 lower to 3.00 higher at 85.00. Terminal hogs were fully steady from 55.00 to 61.00 live.
Pork trading was light to moderate with light to moderate demand and light offerings. Pork carcass cutout value was up .23 at 92.91.
Last week the average weight of Iowa barrows and gilts totaled 267.1 pounds, 1.4 pounds lighter than the previous week, still 3.4 pounds heavier than 2011.
The Thursday hog kill was estimated at 395,000 head, down 2,000 from last week and 7,000 less than last year.
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