Thomas Elwood: Early livestock comments
The cattle market is expected to be quiet again today after good numbers traded on Tuesday. There was a small trade of cattle in Kansas at $103.00-103.50 live on Wednesday, at the top of Tuesday's range. Asking prices are generally $104.00 live in Kansas. Asking prices on cattle left on the lists in the Panhandle are $105.00-$106.00. We cannot find any bids at this time.
The choice cutout was up $0.30 at $162.85 last night, with the select up $1.28 at $153.06. Volume was the best for a Wednesday since early October. We hear retail buyers have been aggressively booking meat for the holiday week at the end of this month and the first week in January. Middle meats continue to be well supported and are providing the bulk of the increase in the cutout values.
packers are having an easy time getting covered. The only thing really holding up bids in recent days has been the exceptional margins.
The pork cutout lost another $1.30 last night on continued weakness in fresh cuts. Loins were quoted 4 cents lower, and butts were steady to 2 cents lower. Even ribs lost ground and were 4 cents lower on the weighted average. Heavy hams were quoted steady; the lighter weights remained untraded. Bellies were unquoted again. That market reportedly traded about steady to