Early livestock commentary
The cattle market was quiet yesterday and trade is done for the week. Asking prices for cattle left on the lists are mostly $106.00. Packer margins are back to being very good, and we expect them to be a bit more aggressive about procuring cattle going forward unless Memorial Day beef clearance is a big disappointment.
The choice cutout was up $0.08 at $179.03 last night, with the select down $0.09 at $173.18. Most cuts held about steady, though loins remain under pressure. Volume was lighter again now that buying for Memorial Day is done. There is concern that forecasts of stormy weather will disrupt buying for what is usually one of the bigger beef weekends of the summer.
Hog calls are steady to lower this morning. Packers are basically done buying for the short kill week next week, and some are already buying for the following week. Hogs are coming fairly easily despite the consistently lower bids.
The pork cutout gained $0.87 last night. Loins were quoted "mostly weak". Butts were mostly a penny lower. Middle weight hams also were quoted a penny lower, with light weight hams quoted steady from their last trade a month ago. Export demand should be returning with prices more reasonable. Bellies were steady on the day.
Written by Robin Fuller.For more information or trading ideas about this market, Please contact us at (312)896- 2001 or email us at email@example.com.