# Market News

## Cattle Futures Rise in Anticipation of Direct Business

At the Chicago Mercantile Exchange, both live and feeder cattle futures experienced a notable increase as market participants awaited the week’s direct business developments, along with the USDA’s anticipated On Feed report scheduled for Friday. For instance, October live cattle finished the day $1.57 higher, reaching a closing price of $178.80, whereas December live cattle closed $1.50 higher at $179.85. Similarly, feeder cattle prices also saw an upswing with October feeder cattle closing $1.75 higher at $240.75, and November feeder cattle escalating by $2.72 to close at $238.30.

### Sluggish Direct Cash Cattle Trade Activity

On Tuesday, the direct cash cattle trade exhibited a continuation of quiet activity, with bids slow to materialize across the board. In the southern market regions, asking prices have hovered around $184 to $185 per head. With essential reports, such as Friday’s Cattle on Feed, on the horizon, market analysts speculate that significant trading volume may not materialize until later in the week, possibly Thursday or even Friday.

### Local Market Updates from Callaway Livestock Center

At the Callaway Livestock Center in Missouri, a more positive picture unfolded as steers under 700 pounds remained steady to firm, with certain six-weight steers seeing price bumps of up to $2. Meanwhile, yearling steers exceeding 700 pounds advanced by $4 to $7. Feeder heifers weighing less than 700 pounds were lightly tested, while those in the 700 to 750-pound range exhibited a higher market tone. The USDA reported good demand noted on a moderate supply basis, particularly for top-quality pot loads of yearling steers over 700 pounds. Even though receipts dipped compared to the previous week, they rose year-on-year. Feeder supply comprised 78% steers, with 76% of the offerings exceeding 600 pounds. For instance, medium and large 1 feeder steers weighing between 750 to 788 pounds fetched prices ranging from $249.50 to $265.50, while those weighing 861 to 898 pounds brought in $241.60 to $243.75. Conversely, medium and large 1 feeder heifers in the 558 to 583-pound range averaged between $256 to $260, while heifers in the 708 to 730-pound segment fetched between $240 to $248.

### Mixed Trends in Boxed Beef Market

In the boxed beef sector, prices closed on a mixed note, indicating light to moderate demand amidst heavy offerings. Specifically, Choice cuts slid by $0.66 to close at $303.91, while Select cuts marginally increased by $0.08 to end at $292.22. This has widened the Choice/Select spread to $11.69. The estimated cattle slaughter stood at 125,000 head, reflecting a weekly increase of 1,000 head, even as it marked a decline of nearly 1,000 head on a year-over-year basis.

### Surge in Lean Hog Futures

Lean hog futures also experienced gains, buoyed by ongoing cash market support and a positive demand outlook. In this context, October lean hogs closed at $81.77, marking a rise of $1.85, while December lean hogs followed suit by closing $1.52 higher at $73.70.

### Strong Performance of Cash Hogs

The cash hog market rebounded with higher prices, facilitated by a robust negotiated run. Processors have ramped up their procurement efforts more aggressively, leading to higher bids as they strive to secure the needed numbers. This heightened demand reflects positively in the prices, particularly as global demand for U.S. pork remains robust, helping sustain price levels. Nonetheless, concerns linger regarding long-term domestic demand, especially considering the ample pork supplies currently available. Market participants continue to monitor the supplies of market-ready hogs and their weights. The National Daily Direct reported barrows and gilts closing at $0.37 higher, with a base range of $73 to $78.50 and a weighted average of $77.33. The Iowa/Minnesota region reported a $0.06 increase and a weighted average of $77.26, while the Western Corn Belt noted a $0.20 rise to a weighted average of $77.34. Notably, prices at the Eastern Corn Belt remain confidential.

### Stability in Midwest Cash Markets

Butcher hog prices remained unchanged in the Midwest cash market at $60. In Illinois, slaughter sow prices maintained a steady trend, showing moderate demand with offerings priced between $53 and $65. Barrows and gilts similarly held steady, exhibiting moderate demand for offerings priced between $45 and $55. Prices for boars varied, ranging from $20 to $30 and $15 to $25 depending on quality.

### A Look at Pork Values

Pork values also closed on a higher note, up by $0.78, reaching $95.00. Both hams and bellies showed remarkable increases, contributing to this upward trend. Conversely, cuts such as picnics, butts, ribs, and loins experienced price drops. The estimated hog slaughter reached 474,000 head, reflecting a decrease of 10,000 from the previous week and a decline of over 11,000 compared to last year.

## How AI legalese decoder Can Assist

In the dynamic and complex landscape of agricultural markets, understanding legal jargon and compliance requirements can be overwhelming for market participants. The AI legalese decoder can simplify intricate legal language, breaking it down into plain, comprehensible terms. This tool can help stakeholders navigate policies, contracts, and regulatory issues seamlessly without losing sight of critical details. As cattle and hog prices fluctuate and market conditions evolve, having access to clear, concise legal information can empower farmers, processors, and investors to make informed decisions, ensuring that they stay ahead of market trends while remaining compliant with legal standards.