Thomas Elwood: Early livestock comments
A very small (less than 1,000) number of cattle traded in Texas on Thursday at $119.00 live. Bids in Kansas did not improve from $117.00. Regional packers bought cattle in Nebraska at $190-$191 dressed, down $7-$8 from the topside last week. Bids have yet to be renewed in Texas this morning
The choice cutout was down $1.57 last night at $187.96, with the select down $1.01 at $184.33. Volume of cuts dropped back down to fairly anemic levels after an active Wednesday trade. All of the major primals except the select chuck lost value. We hear of export interest for parts of the chuck that likely gave some price support there.
Hog market calls are steady to lower as margins deteriorate. In addition, a packer out west has not been able to slaughter since Wednesday due to inspection issues we understand, and that has boosted the number of hogs available to other packers. Wednesday's kill was revised downward by 6,000 head, and Thursday' slaughter was only 408 thsd head. We understand that they still have not started killing yet this morning.
The pork cutout lost $0.31 last night. Loins were 2-3 cent higher, with butts weak to 3 cents lower. Hams and bellies were unquoted. The smaller production this week is tightening supplied of most items.
For more information or trading ideas about this market, Please contact us at (800)254-1753 or email us at email@example.com
TJE Cash trade information provided by Robin Fuller