Hog futures mixed ahead of quarterly inventory report

Market & Price Trends

Published Mar 28, 2024

Tridge summary

In the Chicago Mercantile Exchange, there was a notable movement in the livestock market. Live cattle prices were mostly on the rise, with specific increases noted in April and June futures, while feeder cattle prices also saw an uptick. A modest amount of direct cash cattle trade was reported, with notable transactions in Kansas. However, the Ozarks Regional Stockyards in Missouri observed a dip in prices for lighter calves, with a similar downtrend for heavier feeder calves and yearlings. Meanwhile, boxed beef prices experienced a decline. The cattle slaughter numbers showed a slight increase from the previous week but a decrease from the year before. In the pork sector, lean hog futures were mixed, with a decrease in cash hog prices ahead of an anticipated report. Pork values also fell, although hog slaughter numbers remained steady week-over-week and showed an increase from the previous year.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

At the Chicago Mercantile Exchange, live cattle were mostly higher, and feeders were higher waiting for direct business to develop, bouncing just a little bit off of Tuesday’s sharp moves lower. April lives closed $.50 higher at $183.60 and June lives closed $.30 higher at $178.67. April feeders closed $1.42 higher at $246.87 and May feeders closed $1.02 higher at $248.27. There was a light round of direct cash cattle trade that took place on Wednesday. Live deals in parts of Kansas were at $185. Bids surfaced in other parts of the South at $184 to $185 live and in the North at $296 dressed. Asking prices were firm around $188-plus live. Significant trade volume could easily hold out until sometime Thursday or Friday. At the Ozarks Regional Stockyards in Missouri, steer and heifer calves under 700 pounds were $3 to $6 lower on a light test. Feeder calves and yearlings over 700 pounds were not well tested, but undertones were lower. The USDA says demand was moderate on a ...

Source: Brownfield Ag