Asking prices remain $114.00 in the Panhandle. Kansas feedlots are asking $2.00-$3.00 over the August, with Nebraska lots pricing cattle $3.00 over. There still are no bids yet. We expect to see some bids surface today, but trade could hold off another day if packers are serious about saving some money.

The choice cutout was up $0.31 at $178.79 last night, with the select up $0.51 at $173.47. Volume remains quite light so far this week. Prices are still firm on last minute shipments into the 4th, but discounts are reportedly surfacing for delivery after the holiday. Most of this discounting is said to be centered on end cuts.

HOGS

Hog calls are steady to $1.00 lower again this morning. The East appears weaker than the West. Barrow and gilt weights in Iowa/S. Minn were basically unchanged last week after another cutback in slaughter. It would appear that packers have finally brought slaughter in line with available hog numbers.

The pork cutout lost $3.37 as loin values collapsed. Bone-in loins lost over 12 cents on the weighted average; boneless was down 6 cents. Butts lost another 2 cents and are now averaging back below $1.20. Light ribs lost 3-5 cents in the start of a seasonal decline. Hams and bellies were unquoted; both cuts are said to be about steady.

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Written by Robin Fuller. For more information or trading ideas about this market, Please contact us at (312)896- 2001 or email us at sales@linngroup.com.