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Thomas Elwood: Early livestock comments

Agriculture.com Staff 01/05/2011 @ 8:19am

Cattle traded in Texas on Tuesday at $105.50-$106.50, down $0.50-$1.50 from last week. The market had a weakening tone, with lower prices later in trade. Kansas saw active trade at $105.50, down $0.50 from Monday's light trade. Nebraska live trade also came at $105.50. A very small number traded on a dressed basis at $168 to mostly $169.00. Sources indicated regional packers were bidding $169 yesterday afternoon. More trade is possible today, particularly in Nebraska where dressed trade has yet to really get going.

The choice cutout was up $1.71 at $165.92 last night, with the select up $1.16 at $159.02. Spot volume was a little light again. End cuts are still leading the way, though all primals gained in value as production declines. Packers continue their strategy of slaughtering fewer cattle; the two-day total is down 16,000 head from last week.


Cash hog calls are mostly steady this morning. Numbers remain more than adequate for packer needs, but a pool of cold air is dropping down from Canada behind a winter storm, and the combination could limit hog movement short term.

The pork cutout lost $0.41 last night. Loins were steady, with butts quoted steady/weak. Heavy hams were steady, with other weights not quoted. Bellies were not tested by the USDA; other sources indicate the market has stabilized at $100.00.

Last night's CME storage report showed a net in-movement of 1.535 mill lbs compared to a net in- movement last year of 1.973 mill lbs. This was the first time since the storage season began that in- movement was less than last year. Stocks on hand now total 58.661 mill lbs compared to 37.083 mill lbs last year.


For more information or trading ideas about this market, Please contact us at (800)254-1753 or email us at sales@linngroup.com

TJE Cash trade information provided by Robin Fuller

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