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Lean hogs supported by export demand


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Chicago Mercantile Exchange live cattle futures were steady to higher ahead of USDA’s monthly cattle on feed and semiannual inventory numbers. There was also some follow-through connected to Thursday’s strong export sales figure, along with spillover support from the bounce in corn. August was up $.55 at $110.55 and October was steady at $115.40.

Feeders were up sharply ahead of the USDA numbers. August was $1.20 higher at $136.40 and September was up $1.57 at $137.37.

The major direct feedlots were at a standstill Friday and given the fairly light trade over the past week, some cattle will more than likely be carried over. Cattle on feed and inventory numbers look bearish, coming out larger than expected, with DTN citing hot, dry conditions in the pastures as a big factor.

Boxed beef cutout values were lower on light to moderate demand and moderate offerings with Choice down $.89 at $175.70 and Select $1.17 lower at $170.11. The estimated cattle slaughter of 126,000 head was down 1,000 on both the week and the year.

Lean hogs finished higher with nearby months up sharply on strong export demand signals. Additional support came from cash trade, Thursday’s modestly higher move in the cutout and the year to year decline in June pork production. August was $2.72 higher at $100.82 and October was up $1.92 at $92.57.

Cash hogs were steady to higher, with buyers and sellers motivated by the weather. Butcher hogs at the terminals are steady at $61 to $65. The Missouri Direct base carcass meat price is steady to $1 higher at $88 to $90 with sows steady to $1 higher at $49 to $57. Illinois direct sows are steady to firm at $47 to $55.

The Eastern Cornbelt closed $1.87 higher with the weighted average at $93.63 while the Western Belt gained $3.88 to $99.36 and Iowa/Southern Minnesota shot up $3.96 to $99.55.

Pork trade was slow to moderate with very light to light demand and light to moderate offerings. The cutout was down $.80 at $98.93. Friday’s hog slaughter was estimated at 374,000 head, 9,000 less than a week ago but 15,000 more than a year ago.

http://brownfieldagnews.com/2011/07/22/lean-hogs-supported-by-export-demand/#more-50568

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