More cash cattle trade develops Friday

Chicago Mercantile Exchange live and feeder cattle futures were mixed, uncertain about how much higher cash and wholesale prices can go. February live was up $.15 at $196.75 and April was down $.17 at $197.50. March feeders were $.32 higher at $268.05 and April was $.07 lower at $268.12.

In cash cattle country, a live trade developed in parts of Nebraska on Friday afternoon, but the bulk of business had already wrapped up for the week. Asking prices for cattle left on showlists were around $202-plus in the South, and $323-plus in the North.

At the Clarinda Livestock Auction in Iowa, feeder steers 500-600 pounds were selling $2 to $5 higher compared to the most recent sale. Feeder heifers saw all weight classes mostly steady with a slightly lower undertonw. USDA says demand was very good for a moderate supply. Feeder supply included 59% steers and 73% of the offering was over 600 pounds. Medium and Large 1 feeder steers 704 to 747 pounds brought $276.50 to $298. Medium and Large 1 feeder heifers 766 to 799 pounds sold for $243 to $253.85.

Boxed beef closed higher with Choice up $.28 at $333.69 and Select up $.45 at $319.83. The spread was $13.86.

Estimated cattle slaughter was 114,000 head – up 9,000 on the week and down nearly 6,000 on the year.

Lean hog futures were pressured by the steady to sharply lower cash during the session and the ongoing questions about sustained domestic pork demand. Futures markets are closed Monday. February was down $1.17 at $81.12 and April was $2.22 lower at $88.32.

Cash hogs were steady to sharply lower with very light closing negotiated numbers at the major direct markets. Most buyers had near-term needs covered after more aggressive interest earlier in the week, only adding a couple hundred head to that negotiated sales figure between the open and the close. There could be movement issues in the coming week due to bitterly cold conditions in some areas. Wholesale demand continues to be inconsistent, evidenced by a strong midday move Friday with only a firm finish and a wide spread between trends for the individual primal cuts.

Barrows and gilts at the National Daily Direct were down $1.74 with a base range of $76.50 to $81. The Iowa/Minnesota and Western Corn Belt were both down $1.93 for a weighted average price of $78.64. The Eastern Corn Belt was not reported due to confidentiality.