Chicago’s cattle receipts for the week were the largest since January, while the combined ten-market supply of about 242,300 cattle was practically the same as the week previous but 41,000 short of the corresponding week a year ago.
Following the descent of hog prices during the preceding week to the lowest levels of the year, the marketward movement of hogs expanded materially, the ten-market total at approximately 436,000 being 40,000 in excess of the week previous, and nearly 60,000 greater than the same week last year. The hog run, while continuing to carry an abnormally large proportion of heavy packing sows for this period of the year, showed a considerably enlarged quota Of spring-farrowed, light and underweight stock and average weights decreased at most points. The disposition shown by producers in many sections to unload pigs and immature light hogs was anything but a bullish influence on prices but a revival of eastern shipping demand assisted in checking the decline.
SHEEP AND LAMB RECEIPTS LARGE.
Receipts of sheep and lambs for the week both at Chicago and numerous other western points were the largest of the year, the ten-market total of about 419,500 exceeding the previous week’s supply by approximately 38,000 and being nearly 1,000 in excess of those of the same week last year. The crop, however, carried a heavy proportion of feeders from the western range and the market displayed gratifying stability following the slump in prices during the week previous, which was one of the most severe slumps of the season.
Cattle.—Higher prices for most grades of beef steers showing effective corn feeding, further seasonal expansion in the movement of both native and western grass cattle, and further evidences of increasing interest on the part of stocker and feeder buyers featured the cattle trade during the week under review. The trend of prices at the different market centers was decidedly irregular. Omaha, where receipts were considerably lighter than the preceding week, showed advances on practically all classes of cattle. Other River markets under review showed irregular declines on grass cattle and comparatively little change on desirable corn-feds. At Chicago, where receipts of northwestern range cattle were nearly double the largest previous run this season, grass steers and the less desirable of the warmed-up and plain, heavy, fed steers sold steady to 25¢ lower, and the better grades of corn-fed steers, including yearlings, all the way from 10¢ to 50¢ higher.
The return of $11 cattle after an absence dating back to last January, marked the week’s trading at Chicago. Two lots of prime Angus and Hereford yearlings averaging 985 lbs. and 891 lbs., respectively, brought that price. The former consignment was made up of natives from an Iowa feed lot, nearly half of which were heifers. The other lot consisted of Illinois-fed, branded steers which originally came from Texas.
The popularity at all market centers of well-finished yearlings on the baby beef order and of finished 1,100-lb. to 1,300-lb. steers over the weighty and more aged bullocks was as pronounced as ever, and the price premiums earned by the former were unprecedented for this season of the year. Thick-fat 1,400-lb. to 1,500-lb. steers of high quality and closely approaching prime grade could not pass $9.25 at Chicago and contrasted oddly with the moderately fat, short-fed yearlings that brought about the same figure. Ripe steers in the 1,600-lb. to 1,760-lb. class that had been grain-fed a year or more, sold at Chicago and Omaha at $8.25 to $8.50 with a plainer, weighty kind that had consumed considerable corn, down to $7.50. Many sales of good and choice 1,200-lb. to 1,350-lb. steers between $8 and $8.75 were made at Chicago and elsewhere. A few loads of long yearlings averaging 1,100 lbs. to 1,175 lbs. sold as high as $10 and $10.50.
A generous proportion of the run, however, all around the western market circuit consisted of branded and native grass steers of mediocre and medium killing quality that cashed at $5 to $6.50, comparatively few straight grass steers being good enough to bring $7. This was true despite the fact that two loads of Montanas reached $7.25 at Chicago. Light grass steers of common quality but carrying enough flesh to make cheap carcass beef, sold as low as $4.25 and $4.50 at St. Paul and Missouri River points and a few, chiefly on the Mexican order, ranged downward from $5 at Chicago.
An increase of nearly 50% in receipts of northwestern grass cattle at Chicago was credited in part to the 20% cut in long-haul freight rates. The week’s total of about 13,000 cattle from that source, however, was but little more than half as large as similar receipts during the corresponding week last year. It seems probable, however, that the Northwest will ship more freely during October, as after this month stormy weather is likely to put an end to cattle roundups.
Liberal receipts of low and medium grade steers and their cheapness “on the hooks” as compared with most grades of she stock had a depressing effect on cow and heifer prices at all markets covered by this report except Omaha. At the latter market light receipts forced cow prices up along with those of most other classes of cattle. Canners and choice dry-fed heifer yearlings withstood the downward tendency and held about steady.