Early livestock commentary - Robin Fuller
Showlists are smaller in all areas except for Nebraska, which posted a modest increase. Asking prices start the week at $110.00-$111 live in The Panhandle and Kansas. Nebraska feedlots are asking $1.00 over the August futures. There are no bids yet and packer inquiry is light.
The choice cutout was down $0.36 at $175.34 last night, with the select up $0.11 at $170.22. Volume was equal to last Monday's sluggish pace after hot humid weather over the weekend reduced retail sales and left buyers with adequate inventories.Middle meats started the week under pressure while end cuts were generally firm.
Hog calls are mostly steady this morning. Numbers remain tight on reduced weight gains, but packer margins have slipped into the red. There is talk of cutting kills rather than paying up for hogs. Slaughter on Monday was 9,000 head smaller than last week.
The pork cutout gained $1.35 last night. Butts were unevenly steady, with loins unquoted. Market sources indicate loins were about steady. Hams were unquoted, but were rated steady as well by sources other than the USDA. Bellies posted a 5 cent increase in price, closing at $1.40 for the first time since April.
Written by Robin Fuller
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