Cattle futures saw modest gains at the Chicago Mercantile Exchange as traders awaited the development of direct cash trade. December live cattle finished the day up $0.42 at $185.82, while February live cattle rose $0.70 to close at $187.42. January feeder cattle closed $0.30 higher at $244.32, and March feeder cattle were up $0.50, settling at $242.25.
The direct cash cattle market was quiet on Thursday, with some bids surfacing at $186 per hundredweight (live) and $292 dressed. Asking prices remained firm, ranging from $190 to $192 live in the South, though activity in the North was limited. Most of the week’s cash business is expected to take place on Friday.
At the Winter Livestock Auction in Kansas, feeder steers under 600 pounds saw a $10 increase, while steers over 900 pounds were steady to $3 higher. Heifers under 600 pounds rose by $5, although there weren’t enough heifers over 700 pounds to provide a reliable price comparison. Overall, feeder supply was down compared to both the previous week and year. Among the Medium and Large 1 feeder steers, those weighing 555 to 596 pounds brought $285 to $310, while steers weighing 917 to 935 pounds sold for $243 to $253.25. Medium and Large 1 feeder heifers, 507 to 543 pounds, ranged from $267.76 to $286, while heifers weighing 655 to 658 pounds sold for $236 to $240.50.
Boxed beef prices closed sharply lower due to light demand for heavy offerings. The Choice cut fell $6.13 to $309.46, while Select dropped $3.46 to $279.72, widening the Choice/Select spread to $29.74. Estimated cattle slaughter for the day was 125,000 head, up 4,000 from the previous week and more than 1,000 higher year-over-year.
Lean Hogs Mixed, Cash Hogs Higher
Lean hog futures finished the day mixed, with some contracts higher and others lower. December lean hogs closed $0.92 lower at $81.20, while February lean hogs gained $0.15, closing at $85.30.
Cash hogs posted strong gains, fueled by a fairly light negotiated run. Processors increased their buying activity in the afternoon to secure more hogs. The availability of market-ready hogs and hog weights continue to be key factors influencing the market. On the global front, U.S. pork exports remain strong, although this week’s Export Sales report showed a marketing-year low in pork sales. Domestic demand for pork has been inconsistent, contributing to market uncertainty.
Barrows and gilts in the National Daily Direct market closed $2.31 higher, with a base price range of $77 to $87 and a weighted average of $85.03. In the Iowa/Minnesota region, prices were up $2.51, with a weighted average of $85.04, while the Western Corn Belt gained $1.87, averaging $84.90. Prices in the Eastern Corn Belt were not reported due to confidentiality.
At the Midwest cash markets, butcher hog prices were steady in Dorchester, Wisconsin, and Garnavillo, Iowa, at $63, while prices in Red Oak, Iowa, were lower at $53. Illinois slaughter sow prices remained steady, with moderate demand for light offerings ranging from $51 to $61. Barrows and gilts were $1 higher with moderate demand at $46 to $56, while boar prices ranged from $20 to $30.
Pork Values Drop Sharply
Pork values closed sharply lower, down $4.19 at $97.96, with bellies seeing the most significant decline, dropping more than $17. Hams, ribs, and picnics also saw lower prices, while butts and loins experienced modest gains.
Estimated hog slaughter for the day was 481,000 head, down 5,000 from the previous week but up 13,000 from the same time last year.
