Cattle futures higher following On Feed numbers

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Cattle futures higher following On Feed numbers

On the Chicago Mercantile Exchange, live and feeder cattle were higher following Friday’s On Feed report, with feeders also finding additional support from the day’s lower move in corn.

It was a quiet start to the week for direct cash cattle business. Offers and asking prices have not yet appeared. The shortened holiday week could influence how the cattle market reacts. It is a possibility that significant trade will develop earlier than normal.

At Midsssion at the Oklahoma National Stockyards, compared to last week, feeding delights were consistently $2 higher. Feeder heifers were mostly stable. USDA says demand was moderate to good for feeder cattle. Calves and heifers were mostly $3 to $6 higher. Demand for light grazing cattle was good. USDA says quality was average to attractive with some nice feeders available. Earnings are down weekly and annually. The feeder supply included 57% steers and 44% of the offering was over 600 pounds. Medium and large 1-feeders weighing 550 to 599 pounds made $169 to $193, and those 610 to 648 pounds made $173 to $194 USD. Medium and large 1 feeder heifers weighing 500 to 545 pounds made $166 to $184 and feeder heifers 606 to 649 pounds made $152 to $175 .50 dollars.

Boxed beef closed higher on moderate demand for moderate offers. Choice closed $0.51 higher at $255.38 and Select closed $0.79 higher at $233.62. The pick/pick margin is $21.76. Cattle slaughter was estimated at 128,000 head – even per week and increasing by 6,000 per year.

Lean Hog ​​futures ended the day mostly higher, supported largely by higher cash business during the session.

Cash hogs closed higher with a fairly easy negotiated run. The industry has been in a pattern for a few days with lighter business at lower prices and a few days with high volumes and much higher prices. This model may be removed this week due to the Thursday holiday. The industry tracks market-ready hog availability and demand. There are fears that a global economic slowdown could reduce demand and pressure prices. National Daily Direct barrows and gilts closed $0.35 higher with a base range of $80 to $90 with a weighted average of $82.16; Iowa/Minnesota ended $0.87 higher at a weighted average of $86.27; The Western Corn Belt ended $1.13 higher at a weighted average of $86. Eastern Corn Belt prices were not reported due to confidentiality.

Midwest butcher markets are closed this week. In Illinois, cull sow prices were $2 lower with light demand for light offerings from $52 to $64. Barrows and gilts were steady with moderate demand for moderate offers at $58 to $68. Boars ranged from $30 to $35 and $9 to $19.

Pork prices closed up $1.45 at $91.99. Hams and picnics were much lower. Belly, ribs and bottom were lower. The loins closed higher. Pig slaughter was estimated at 488,000 head, with 3,000 per week and 8,000 per year. Friday’s hog slaughter was revised to 481,000 head. Cattle futures higher following On Feed numbers

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