Thomas Elwood: Early livestock comments
Showlists are mixed this week, with the total up just slightly, not enough to make a difference. Asking prices are strong. The Panhandle and Kansas are priced at $110.00 to $111.00 with the strongest prices Texas. Nebraska lots have cattle priced at par with the futures market. There are no bids yet.
The choice cutout was up $1.82 at $171.55 last night, with the select up $0.94 at $167.23. Spot volume was good for a Monday. End cuts continue to have the best demand. Ideas are that packers will keep slaughter curtailed again this week, and perhaps kill fewer cattle than last week. This should keep beef supplies under control given strong export demand.
Cash hog calls are mostly steady again this morning. Most packers have all they need for the week, but some plants still need a few for the weekend. Another blast of arctic air is descending over the Midwest and there are concerns that this will hamper movement into the latter half of the week.
The pork cutout lost $0.21 last night in slow trade. Most cuts were unquoted on the day. Butts were steady to a penny higher, with bone-in loins unquoted. Boneless loins were strong. Heavy hams were steady to a penny lower. Bellies were unquoted.
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TJE Cash trade information provided by Robin Fuller