Beef futures up on this week’s beef trend

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Beef futures up on this week’s beef trend

Chicago Mercantile Exchange live and beef cattle were higher, helped by the recent trend in beef. Live rose $1.40 to $137.30 in April and $0.50 to $132.95 in June. March feeders were up $1.62 to $153.27 and April were up $1.72 to $157.97.

Direct cash cattle markets have been quiet. Business for the week was light to moderate, mainly at $138 on a live basis, down $2 from the previous week, and up $220, down $4. The asking prices for what’s left on the show listing were $140 live and $222 dressed.

Boxed Beef closed higher on moderate movement. Choice was up $0.77 to $254.71 and Select was up $1.74 to $249.11. Estimated cattle slaughter of 111,000 head was down 12,000 week-on-week and 3,000 year-on-year.

On the week, Oklahoma feeder steers were $1 to $3 lower and feeder heifers $2 to $4 lower, while steer calves were $3 to $5 lower with lighter weights up to $15 lower , and farther calves were $5 to $10 lower. According to the USDA, demand was mild to moderate for all classes, with earnings increasing slightly on the week but falling sharply over the year. Medium and large 1-feeder steers weighing 700–800 pounds were reported for $133–176, and 800–900 pound steers sold for $127–$155.50. Medium and Large 1 Feeder heifers weighing 600-700 pounds fetched $126.50-161.50 and 700-800 pound heifers ranged from $112-$150.

According to the USDA, Missouri hay prices have been stable with light to moderate demand for moderate supply. Medium-quality, top-quality alfalfa was selling for $200-250 per ton, at a premium of $160-200, while large rounds of good quality alfalfa were reported for $120-160.

In Nebraska, sales of baled hay, dehydrated and sun-dried pellets, and ground and delivered hay were stable compared to the previous week. The USDA says demand and buyer inquiries have increased, particularly in the central area of ​​the state. Availability was low as producers held back part of the 2021 crop due to concerns about limited moisture in 2022. Large squares of reasonable quality alfalfa fetched $145, large rounds of good to prime prairie and meadow grass fetched $150. For the eastern parts of the state, sun-cured pellets containing 15% protein were listed for $320 and 17% dehydrated pellets for $350. In Platte Valley, ground alfalfa was $175 to $180, sun-dried pellets were $270, and dehydrated $280 to $295. For western Nebraska, large squares of premium to top quality alfalfa for barn use fetched $270, large squares for farm and ranch use fetched $250.

Lean pork futures were notably higher on commercial buying and the much higher midday move in pork. April rose $2.62 to $102.72 and June rose $3.27 to $118.17.

Cash hogs have been steady to sharp declines with relatively light closing numbers being negotiated. It looks like many buyers have the necessary short-term numbers in hand following Thursday’s big surge in Major Direct. Another bout of late winter weather caused some movement issues in parts of the region.

National Direct Barrows and Gilts closed down $4.26 with a strike range of $95 to $112 and a weighted average of $101.57, while Iowa/Southern Minnesota was down $4.75 at $106.15 and the Western Corn Belt fell $5.33 to $105.42. Butcher pig markets in Dorchester, Wisconsin, and Garnavillo, Iowa have been closed. Illinois direct sows held steady at $69-$80 with moderate demand for light to moderate offerings. Barrows and Gilts held steady at $63-$69, also on moderate demand for light to mid-weight bids. Boars ranged from $17 to $44.

Pork closed $1.65 lower at $102.55. Hams reversed their big midday gain, bellies were also lower and loins were down sharply. Butts, picnics and ribs were firm to greatly higher. The estimated 476,000 head hog slaughter was up 6,000 on the week but down 11,000 year-on-year.

The USDA says early weaned hogs were $6 less, while feeder hogs were $2 less. Demand and supply were light to moderate and trade was slow to moderate. Cash composition for early weaned hogs ranged from $50 to $98 with a weighted average of $79.22, with a formula range of $46.88 to $90.12 and a weighted average of $60.53 Dollar. Cash feeder hogs sold for $103 to $130 with a weighted average of $117.71. Beef futures up on this week’s beef trend

Jaclyn Diaz

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