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Cattle trade possible in north; hogs steady to lower

Agriculture.com Staff 07/27/2006 @ 7:52am

Trade is possible today, particularly in the north. There were rumors of a few cattle that traded last night in eastern Nebraska at $124 dressed, or the high of the week, whichever was better. Southern feedlots are hopeful that the market will be at least steady with last week's $79.00-$79.50, if not higher given the rally on the board.

The cutouts finally broke last night after holding up very well the first two days of the week. We had begun to wonder if the market would decline at all this week despite sources that said it would. Movement is just so-so for the week.

Japan has reopened their markets to US beef from cattle less than 20 months of age. All but one plant that was inspected was approved for export.

Interior hog markets are called steady to lower this morning. Saturday's slaughter is expected to be only 10,000-15,000 head as only one major (integrated) packer has slaughter hours scheduled.

Fresh pork remains under pressure; even butts are sagging despite a sharp cutback in slaughter.  We had heard that the export demand would be largely satisfied by mid week and it appears that is the case.  In contrast to fresh pork, the hams appear to be well supported by the decline in production this week.  We also hear of improved demand as well. Bellies seem to have found a level of support too.

Trade is possible today, particularly in the north. There were rumors of a few cattle that traded last night in eastern Nebraska at $124 dressed, or the high of the week, whichever was better. Southern feedlots are hopeful that the market will be at least steady with last week's $79.00-$79.50, if not higher given the rally on the board.

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