Triple-digit gains were seen across livestock trade for the week, despite limited cattle losses Friday. Hog futures surged higher on China news.
Lean hog futures closed higher Friday for the second consecutive trading day in a row. Positive news about China suspending additional tariffs on U.S. soybeans and pork raised hopes for increased pork trade in the near future. Early cattle gains eroded as traders focused on position-taking at the end of the week, although the market continued its positive direction.
From Friday to Friday, livestock futures scored the following changes: Oct live cattle, up $3.20; Dec live cattle, up $4.63; Sep feeder cattle, up $3.15; Oct feeder cattle, up $3.67; Oct lean hogs, up $2.97; and Dec lean hogs, up $6.23. Additional cash cattle trade was seen Friday morning in Kansas at $100 per cwt.
Although these prices are $1 per cwt higher than Thursday’s trade, the market appears steady with last week. Limited Iowa live trade was seen at $104 per cwt, although this was reported for delayed delivery. A few afternoon sales are also being picked up in Nebraska at $101 live basis. Bids of $99 to $100 per cwt live and $159 to $160 were seen in Nebraska Friday afternoon.
Although the reported numbers appear to be light for the week, most trade appears to be done for the week. Cattle on showlists may be willingly kept back to put onto next week’s showlists, given that strong futures gains were unable to muster cash market support.
The National Daily Direct afternoon hog report was $0.64 lower ($44-$51, weighted average $46.67) on 11,770 head.
Corn prices inched higher Friday with December closing up 1 1/2 cents. Stock markets were mixed in light trade with Dow Jones 27 points higher and the NASDAQ down 24 points.