Hog futures higher on oversold signals

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Hog futures higher on oversold signals

Live and forage cattle were mixed at the Chicago Mercantile Exchange to observe direct business development. June Live Cattle closed $0.50 lower at $134.82 and August Live Cattle closed $0.25 lower at $137.07. August Fodder Cattle closed $0.07 lower at $176.20 and September Fodder Cattle closed $0.30 higher at $178.65.

A light to moderate direct cash cattle trade took place on Wednesday. Live deals in the south were $140, solid with last week’s trading. In the North, dressed deals were $232 and live deals were $146-$147, solidly flat with last week’s Nebraska weighted average. Some of the deals are marked for delivery next week, others for the weeks of May 16thth and May 23approx. At least some pick-up trading is expected for the remainder of the week. There were some light scattered trades reported Tuesday at $230-$232. Today’s Fed Cattle Exchange had an offer of 3,013 head, of which 530 actually sold for $146.25.

At the Kingsville Livestock Auction in Missouri, steers and heifers were stable compared to last week. According to the USDA, demand for several high-quality calf groups on offer has been good. There were also almost 10 batches of yearlings sold with moderate to good demand. The supply was mediocre. Earnings were roughly flat on the week and up year-on-year. The feed supply was 50% steers and 45% of the supply weighed over 600 pounds. Medium and large 1 feeder steers 500-547 pounds brought $190 to $209.50 and feeder steers 865-877 pounds brought $156.50 to $157.85. Medium and Large 1 Feeder heifers 685 pounds fetched $160 and Feeder heifers 724 to 741 pounds fetched $151.75 to $153.75.

Boxed Beef closed higher on moderate demand after moderate supply. Choice closed $0.19 higher at $259.74 and Select closed $0.34 higher at $247.68. The choice/select spread is $12.06. Estimated cattle slaughter 126,000 head – 1,000 more than the week and 7,000 less than the year.

Lean hog futures closed higher on oversold signals. June Lean Hogs closed $2.90 higher at $105.10 and July Lean Hogs closed $3.20 higher at $107.05.

Cash Hogs closed significantly higher with a large negotiated run. The processors were very aggressive in their sourcing efforts, bidding to meet the desired number. The industry continues to monitor the availability of market-ready pigs. Global and domestic demand for US pork has remained relatively strong despite rising prices. However, there are long-term concerns that add to the uncertainty in the market. Barrows and Gilts on the National Daily Direct closed up $8.34 with a base range of $95 to $113 and a weighted average of $108.47; Iowa/Minnesota closed $2.96 higher with a weighted average of $110.81; the Western Corn Belt closed $3.03 higher with a weighted average of $110.82. Prices in the Eastern Corn Belt were not reported for reasons of confidentiality.

Butcher hog prices in Midwest cash markets are $8 lower at $60. In Illinois, slaughter sow prices remained stable with light to moderate demand for light to moderate offers of $72-85. Barrows and gilts held steady with light to moderate demand for light to moderate offers at $65-74. Boars ranged from $40 to $45 and $20 to $25.

Pork prices ended lower – down from $1.73 to $103.83. Hams, bellies, butts and ribs were all lower. The loins were roughly stable. Picnics were higher. The estimated pig slaughter is 482,000 head – even a week and 3,000 less than a year.

https://brownfieldagnews.com/market-news/hog-futures-higher-on-oversold-signals-7/ Hog futures higher on oversold signals

Callan Tansill

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