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Packers are bidding $91.00 live in the south and $145 dressed in the north. That is not going to buy
any cattle with the board blasting higher last night. Asking prices remain $95.00 live in the south and
$150 dressed/$94.00 live in Nebraska. Futures are expected to follow through to the upside this
morning, with news of the Russian grain export ban which includes contracts already signed. On a
negative note, it appears that U.S. poultry exports to Russia will be delayed while they inspect U.S.
plants.
The choice cutout was up $0.52 at $151.27 last night, with the select unchanged at $143.65. Rib cuts
remained under a degree of pressure last night, though we hear they are beginning to stabilize. Loin cuts
were mixed. Chucks were generally firm.
Cash hog market calls are steady today. Numbers are picking up for next week and product is
beginning to feel toppy. As a result, packers are beginning to back away from the market.
The pork cutout lost $0.05 last night as weakness began creeping into some of the quotes. Loins were
firm, though butts lost 4 cents on the day. Heavy hams were quoted "steady/weak" and averaged 2 cents
lower. Export interest has faltered on the sharp increase in prices. Bellies did not trade but are said to be
firm on short production again this week. Ideas are that the market is going to fall sharply once
slaughter picks up next week.
