Thomas Elwood: Early livestock comments
Showlists are larger in all areas but Nebraska. Asking prices started out at $107.00 live in all areas Monday morning, but the higher close on the board firmed Texas prices to $108.00 overnight. Dressed asking prices in Nebraska start the week at $171. We have yet to find any bids. Packers may sit on the sidelines one more day, hoping for a break in futures.
The choice cutout was up $0.65 last night at $166.48, with the select up $0.53 at $160.55. Volume of cuts was the best for a Monday since last August. We heard weekend beef clearance was good in areas that were not affected by weather. Yesterday's fill-in business certainly seems to confirm that. Prices once again moved higher, but most in the industry expect packers to keep slaughter curtailed again this week.
Hog market calls are steady to $0.50 higher this morning. A big bounce in the cutout overnight and wintry weather has firmed bids from expectations Monday afternoon.
The pork cutout gained $1.11 last night. Butts continued to rally sharply on sustained export demand as well as renewed domestic demand. They were quoted 4-6 cents higher last night. Loins also gained another 3 cents. Heavy hams were quoted steady, with other weights not tested. We have yet to see sizable export demand for hams.
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TJE Cash trade information provided by Robin Fuller