Meats Futures Prices
Futures Market News and Commentary
Live cattle futures ended the Wednesday session with losses of 20 to 72 cents in the front months. Front month feeder cattle futures were down triple digits, ending the session with losses of as much as $1.62. The 01/21 CME Feeder Cattle index was down 29 cents to $145.17. The NASS Cold Storage report showed that frozen beef stocks as of December 31st were 481.012 million lbs, which was a 2.95% decrease vs. Dec 2018. Total red meat stocks were at an all-time high for the end of December. Based on wire surveys, traders expect to see about a 2% increase in cattle on feed as of Jan 1 vs. year ago. The Fed Cattle Exchange online auction shows that 112 head of the 561 listed were sold this morning. The KS heifers went for $124, packers passed on asks of $124 for the other listings. Wholesale boxed beef prices were mixed this afternoon, pushing the Chc/Sel spread to $2.94. Choice boxes were up 45 cents, while Select boxes were $1.45 lower. The week’s FI cattle slaughter through Wednesday... Read more
Lean hog futures closed the Wednesday trading session with gains of 20 cents to 70 cents. The 01/20 CME Lean Hog Index was 4 cents higher to $60.18. USDA’s Pork Carcass Cutout gained another $0.55 this afternoon, up to $79.74 cwt. USDA’s National Average Afternoon Base Hog price was back up by 16 cents to $51.90. The USDA monthly cold storage report showed that frozen pork in coolers December 31st totaled 580.904 million lbs. Compared to last year, that is up 14.97%, and was a one month increase of 1.05%. December pork in storage was the highest on record for that month. Belly stocks were seen at 68.015 million lbs, which was an increase of 61% yr/yr and a 25% increase over the end of November. USDA estimated week to date FI hog slaughter at 1.402 million head through Wednesday.
Feb 20 Hogs closed at $67.550, up $0.200,
Apr 20 Hogs closed at $74.525, up $0.700
May 20 Hogs closed at $80.850, up $0.500
---provided by Brugler Marketing & Management