Chicago Mercantile Exchange live cattle futures were mixed, mostly lower on the higher Dow, mostly lower corn and demand uncertainties. August was $.40 higher at $110 and October was up $.10 at $115.40.
Feeders were mostly higher on spillover from corn and demand questions. August was $.27 higher at $135.20 and September was up $.17 at $135.80.
The major direct feedlots were mostly quiet after Wednesday’s light to moderate activity. Kansas traded mainly at $108 Live and Texas activity was mostly at $108.50, both down about $2 to $3 from last week. Dressed business in Nebraska was primarily at $174 Dressed, down $3 to $5 on the week. DTN reports movement in Nebraska was 30,188 head, Kansas totaled 29,650 head and Texas came out at 11,072 head.
Given the extreme heat in the feedlots and concerns about demand, business is probably wrapped up for the week. There was a bit of clean up trade in Nebraska at $174 to $175 Dressed. Asking prices for what’s left on the showlists at $110 in the South and $176+ for the North.
USDA’s monthly cattle on feed and semiannual inventory numbers are out Friday at 2 PM Central.
Boxed beef cutout values closed lower on moderate to good demand and heavy offerings with Choice down $1.65 at $176.59 and Select $1.46 lower at $171.28. The estimated cattle slaughter was 127,000 head, down 1,000 on the week and 3,000 on the year.
Lean hogs were mixed with a mostly firm undertone. On the positive side, the cutout was up modestly Wednesday and cash trade was steady to higher. On the bear side, there are a lot of demand questions and there was spillover from the mostly lower live cattle and corn. August was up $.25 at $98.10 and October was $.25 higher at $90.65.
Cash hog business was steady to higher as packers assess their late week needs and make plans for next week. Saturday’s kill should be pretty light and the heat is limiting marketings, keeping some owners at home. Butcher hogs at the terminals were steady at $63 to $67. The Missouri Direct base carcass meat price was $1 higher at $87 to $90 and sows were up $1 to $2 at $48 to $57. Illinois Direct sows were $1 to $2 higher at $47 to $55.
Eastern Cornbelt barrows and gilts were up $1.49 with a weighted average of $91.79, the Western Belt was $1.61 higher at $95.56 and Iowa/Southern Minnesota was up $1.44 at $95.67.
USDA’s monthly cold storage report is out Friday at 2 PM Central.
The pork carcass cutout value was up $.30 at $99.73 in slow to moderate trade with light to moderate demand and offerings. The estimated hog slaughter of 411,000 head was up 1,000 from a week ago and 12,000 from a year ago.