Market News: Cattle Futures Waiting on Direct Business to Develop
The cattle futures market is eagerly waiting for direct business to develop, as live cattle and feeders were mixed at the Chicago Mercantile Exchange. Boxed beef prices were also mixed at midday, with April live cattle closing higher at $202.05 and June lives closing higher at $198.27. On the other hand, April feeder cattle closed lower at $297.97 and May feeder cattle closed lower at $281.52.
Direct cash cattle trade activity was relatively quiet, with only one bid at $315 dressed in Nebraska. Asking prices ranged from $202 to $204 live in the South, with the bulk of the week’s business expected to take place before the end of the day Friday.
At the Winter Livestock Auction in Kansas, feeder steers and heifers were steady to $10 higher, with good demand and heavy supply. Feeder supply included 47% steers and 81% of the offering was over 600 pounds. Medium and Large 1 feeder steers and heifers were sold at various price ranges.
In the lean hog futures market, prices closed lower due to uncertainties about long-term domestic demand and the week’s marketing-year low for pork exports sale. Cash hogs also closed lower, with export sales hitting a marketing-year low. The industry is closely monitoring the availability of market-ready hogs and hog weights.
Butcher hog prices at the Midwest cash markets remained steady at $60, while pork values closed higher at $97.29. Bellies were sharply higher, while hams, picnics, butts, and loins were up as well. Ribs were the only category that saw a decrease in prices.
Overall, the livestock market is experiencing fluctuations in prices and demand, with both cattle and hog futures facing challenges in the current market environment.
