Early livestock commentary
Cattle traded in moderate numbers in Kansas and The Panhandle Thursday at mostly $112.00, down $2.00-$3.00 from the bulk of last week's trade. Trade in Nebraska came at mostly $113.00-$114.00 live.
Dressed trade ranged $182-$185 with most of the trade at $183-$184. Volumes were large enough that our sources believe trade likely is over for the week.
The choice cutout was down $2.41 at $174.58 last night, with the select down $0.52 at $170.56. Volume was good again. Packers continued to discount choice and ribs heavily in an effort to spark some buying. Select middles were only down slightly. End cuts were mostly steady on some new domestic interest at these price levels. Export interest remains strong as well.
Cash hog calls are steady to higher again this morning. The sharp increase in fresh pork values this week has improved margins into the weekend. Packers have good forward sales into Memorial Day and need to keep kill lines running.
The pork cutout gained $2.64 last night. Loins were quoted as firm. Butts gained another 1-3 cents. Hams were steady as were bellies. The combination of reduced slaughter and Memorial Day demand has allowed packers to make up margins by raising loin and butt values. Hams are firm on export demand. Bellies definitely are trying to find a bottom, with 14-16#'s back to $1.25 last night.
Written By Robin Fuller. For more information or trading ideas about this market, Please contact us at (312)896- 2001 or email us at email@example.com.