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Beef futures supported by high-priced beef

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Beef futures supported by high-priced beef

At the Chicago Mercantile Exchange, live and feeder cows ended a day higher, supported by higher boxed beef during the session. Raw cattle in August closed at $ 134.50, up $ 1.57, and raw cattle in October closed at $ 139.95, up $ 1.47. The August feeder cow closed at $ 173.30, which is $ .60 higher, and the September feeder cow closed at $ 177.07, which is $ .97 higher.

It was also a slumping day for direct cash cow trading activities. The only bid that surfaced was a $ 148 live at Iowa. Packers and feedlots seem to be a little standoff. This means that most of the week’s business can be delayed until sometime on Thursday or Friday.

At the Oklahoma OKC West Listock Auction, feeder steers and heifers were lightly tested compared to last week. Most of this week’s business sold at $ 4 to $ 6 higher. USDA states that it was very good because the demand was good. Steers and heifers were tested too lightly for trends. Receipts decreased weekly and increased year by year. The feeder supply included 59% steers and 80% of the offerings were over £ 600. Medium and Large 1 Feeder Steer 777 to £ 795 brought $ 169.50 to $ 180, and Feeder Steer 808 to £ 845 brought $ 165 to $ 175. Medium and large 1-feeder heifers 723-740 pounds were $ 160.50- $ 163, and feeder heifers 750-786 pounds were $ 152.50- $ 156.

Boxed beef rose significantly due to strong demand for modest products. The choice was $ 2.37 higher at $ 268.05 and the select was $ 3.06 higher at $ 242.93. The selection / selection spread is $ 25.12. The estimated number of cattle slaughtered is 126,000, an increase of 2,000 per week and 5,000 per year.

Pork lean meat futures finished the day mixed, adjusting the spread. August lean meat closed at $ 109.20, up $ 3.25, and October pork lean meat closed at $ 92.22, up $ 2.82.

Cashhogs closed higher due to a large bargaining run. Processors started the day very aggressively in procurement activities, bid to move the desired number, and continued throughout the day. The industry continues to monitor the availability of pigs for the market. Demand for US pork in the global market is strong, which helps to provide price support. National Daily Direct wheelbarrows and gilts closed at $ 3.28 higher with a base range of $ 112 to $ 127 and a weighted average of $ 123.74. Iowa / Minnesota is $ 2.10 higher and the weighted average is $ 125.51. The Western Corn Belt closed at a weighted average of $ 125.29, up $ 1.92. Due to confidentiality, the price of the Eastern Corn Belt has not been reported.

Butcher pig prices in the Midwestern cash market are stable at $ 77. In Illinois, the price of slaughtered sows was stable and there was modest demand for modest products of $ 40- $ 52. Barrows and gold leaf were stable and there was moderate demand for medium-sized products from $ 74 to $ 83. Wild boars ranged from $ 45 to $ 50 and $ 10 to $ 15.

The price of pork fell, dropping $ 2.98 to $ 111.50. Belize has dropped over $ 22. The ham was also low. Loins, picnics, buttocks and ribs were high and rose sharply. The estimated pig slaughter is 476,000, an increase of 10,000 per week and 14,000 per year. Pig slaughter on Tuesday was revised to 453,000.



Beef futures supported by high-priced beef

https://brownfieldagnews.com/market-news/cattle-futures-supported-by-higher-boxed-beef-2/ Beef futures supported by high-priced beef

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