Futures contracts for cash-backed pigs and wholesale business
At the Chicago Mercantile Exchange, live cattle were more supported by direct cash business this week, with feeders being mostly lower on higher corn. Cattle in April closed at $ 0.02 higher at $ 146.92, and cattle at March closed at $ 1.27 lower at $ 167.45.
There was a light to moderate round of direct trade in cash cattle that took place on Wednesday. Live bidding in all areas ranged from $ 142 to $ 143, about $ 2-3 higher than last week’s weighted average. Businesses in the north were at $ 226, also $ 2 more than last week’s weighted average in Nebraska. Most of them are scheduled for delivery on the week of February 28th. The asking prices are $ 143 plus live in the south and $ 227 to $ 228 dressed in the north. Look for more business to grow in the rest of the week. A great day for the Fed Cattle Exchange today with a bid of 2,096 heads with 1,496 heads sold for $ 141.25 to $ 142.25. There were 380 heads listed as unsold because they did not meet reserve prices ranging from $ 142 to $ 145.
At Ozarks Regional Stockyards in Missouri, compared to last week, calves and heifers weighing less than 700 pounds were $ 10 to $ 15 higher, $ 20 higher. The heavier joys and heifers ranged from quiet to firmness. The USDA says demand has been very good for a moderate to high supply. Revenues increased weekly. The supply of the feeder included 53% oxen and 40% of the supply was over 600 pounds. Medium and large 1 feeder 551 to 592 pounds feeder brought $ 191 to $ 201, and those from 650 to 685 pounds brought $ 163 to $ 172. Medium and large feeding heifers 1, weighing 502 to 535 pounds, brought in $ 163 to $ 184, and feed weeds of 604 to 640 pounds brought in $ 151 to 160 of dollars.
Canned beef closed less due to low demand for light tenders. Choice closed at $ 0.75 below $ 269.62 and Select closed at $ 1.74 below $ 266.08. The margin of choice is $ 3.54. It is estimated that the slaughter of cattle is 122,000 heads – even per week and 22,000 per year.
Weak pork futures closed higher, supported by significantly higher cash prices and higher pork values during the session. Weak April pigs closed at $ 1.25 higher at $ 105.40.
Cash hogs ended with another big round of negotiations. Processors were aggressive in their procurement efforts and bid to move the desired number. Demand for pork in the US on the global and domestic markets has been strong, supporting prices. The pig’s weight dropped by half a kilogram this week to 288.6 pounds. While it is down weekly, it has risen by £ 1.4 a year. Barrows and gilts at National Daily Direct closed at $ 2.06 above, with a base range of $ 80 to $ 99 and a weighted average of $ 91.47; Iowa / Minnesota had no comparison but a weighted average of $ 97.61; Western Corn Belt closed up $ 1.18 above, with a weighted average of $ 97.11. Prices at Eastern Corn Belt were not reported due to confidentiality.
Butcher pig prices in the Midwest cash markets are constant in Wisconsin and Iowa at $ 60 and higher in Red Oak, Iowa at $ 65. In Illinois, slaughter sow prices were $ 3 higher, with moderate demand for moderate to heavy supply ranging from $ 55 to $ 66. Barrows and gilts were steady, with moderate demand for moderate bids ranging from $ 54 to $ 60. Wild boars ranged from $ 27 to $ 32 and from $ 13 to $ 17.
Pork prices closed weakly – down from $ 0.20 to $ 106.52. The fillets were much smaller and the hams were smaller. Picnics, ribs, bows and bellies were bigger to much bigger. The estimated slaughter of pigs is 478,000 heads – up 6,000 a week and up 5,000 a year.
https://brownfieldagnews.com/market-news/hog-futures-supported-by-cash-and-wholesale-business-2/ Futures contracts for cash-backed pigs and wholesale business