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Thomas Elwood: Early livestock commentary

Agriculture.com Staff 07/26/2010 @ 11:00pm

By Thomas Elwood

Linn Group Inc. Livestock Analyst

 

Packers are bidding $92.00-$93.00 in Kansas, with bids still hard to come by in Texas this morning.  

Even so, sources in Texas think trade is possible today.  Packer bids are up top $148 in the north and the 

USDA is reporting cattle trading that way in Iowa.  We usually don't report on Iowa trade, but in this 

case the fact that trade is coming $2 lower than last week has potential implications for the rest of the 

market.  If futures maintain their early week break, we could see feedlots in Kansas begin to leak cattle 

out at lower money today. 

 

The choice cutout was up $0.33 at $155.23 last night, with the select down $0.05 at $145.73.  Spot 

volume was extremely light.  Buyers have ramped up forward purchases in the past few weeks and it is 

now resulting in lighter spot sales.  There wasn't much in the way of consistent trends in the various 

primals.  Mostly noted again was somewhat slower grinding demand.


HOGS

Cash hog market calls are mostly steady again today.  A few packers still need hogs for the rest of the 

week and have to pay at least steady despite lighter kill schedules.  Some firmness is still possible in 

both the East and the West.


The pork cutout gained $0.12 last night.  Loins were called unevenly steady, with bone-in a little lower 

and boneless firm.  Butts also were about steady as were hams.  Bellies did not trade, but are tight and 

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