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Thomas Elwood: Beef buyers still wary; hogs down

Agriculture.com Staff 07/25/2006 @ 10:26am

Showlists are mostly smaller this week. Asking prices are lower than last week at $81.00-$82.00 live and $128-$130 dressed. A quiet day is expected today. Trade is not expected until late this week though a few packer bids may surface today.

Beef buyers continue to operate in a hand-to-mouth fashion. The lighter slaughter last week allowed packers to firm prices a bit, but movement was just OK. Buyers are still not willing to step out in front with the continuous flow of negative news giving the hope of lower prices.

Interior hog markets called steady to mostly lower this morning, with some areas expected to lose as much as $1.00.  Packers have talked about planned cutbacks on slaughter and do not need as many hogs.  The reduction in Monday's slaughter to 384,000 head from 398,000 head last Monday indicates that they are making good on threats. Total slaughter for the week likely will be close to 1.90 mill head.

The pork cutout lost $1.57 last night, led by the continuing collapse in bellies which were down another 4 cents. Loins also were quoted lower however, and we hear that the export business that has sustained the butts will be satisfied by the end of the week.

For more information or trading ideas about this market, Please contact us at (877)787-6278 or email us at sales (at) linngroup.com

Showlists are mostly smaller this week. Asking prices are lower than last week at $81.00-$82.00 live and $128-$130 dressed. A quiet day is expected today. Trade is not expected until late this week though a few packer bids may surface today.

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