Market Report, Wednesday, June 26, 2002
HIDENET
MARKET REPORT, WEDNESDAY, JUNE 26, 2002
From www.hidenet.com
STEER/HEIFERS
1. Reports received from Korea indicate that offerings are being made on heavy Texas steers as low as $63.00 without any buyer support. Some indications were seen at $62.00 but we did not hear of any confirmed business being concluded at this price.
2. Butt branded steers traded at $61.50 on seasonal averages.
3. One bid on Colorado steers at $56.50 for prompt shipment was countered
at $59.00. Another bid at $58.00 was also countered.
4. One packer turned down a bid of $60.50 on 60/62 lb. branded steers this
morning.
5. Heavy Texas steers averaging between 68 and 72 lbs were bid $68.00 and
countered at $69.50-$70.00. Other bids ranged between $65.00 and $68.50
with the packer also countering at $70.00 to $71.00 depending on average.
6. One packer had a bid on butt branded steers of $62.00 but declined and
countered at $63.00. Another producer said the best bid they'd seen was at
$61.00 and countered at $62.00 on 60/62 lb. averages.
7. Bids on 60/62 lb Texas steers seen yesterday by short covering at $64.00
evaporated today with the best bid seen at $63.00 in limited quantities.
Initial counters were between $65.00 and $66.00 with indications that bids
of a dollar lower might be successful.
8. Texas packer branded heifers sold at $53.00
9. A bid on river packer branded heifers at $50.00 was countered at $52.00.
SMALL PACKERS
1. Several loads of fleshed mid western small packer steer/heifers
averaging 50/54 lbs traded at $43.00-44.00 depending on origin.
2. Fleshed midwestern small packer steer/heifers with some brand content
traded at $49.00 Laredo on averages between 58 and 62 lbs.
BULLS
1. Southwestern branded bulls were bid at $51.50 Laredo and passed by the
producer.
2. Offerings of native packer bulls have met with little success so far at
prices between $56.00 and $57.00 fob. Buyer indications so far have been
several dollars lower, but firm bids have not been reported.
SKINS
1. Packer provimi type over weight kip were available this week between
$54.00 and $55.00. Buyer interest seen so far, albeit limited, is closer
to $50.00and $51.00 with Italians about done for shipment in August.
INDUSTRY NEWS
1. The Conference Board announced that consumer confidence dropped to a
four month low, the largest drop since the 9/11 attack. The May index was
110.3 and in June 106.40.
2. Stride Rite Corp announced yesterday that it's quarterly sales rose 2%
over a year ago but comparable store sales fell 4.4%. The Company blamed
poor results of their children's division, an early Easter and unusually
cool spring weather for the same store sales decline.
MARKET OBSERVATIONS
1. The volume of bids was low again today, but not as bad as has been the
case all week. Interest generally increases as prices fall, and this time
does not appear to be any exception.
2. Much talk has been heard as to where buyers and sellers will finally
come together on heavy Texas and branded steers. The consensus seems to be
that if enough volume can be bid, that packers are likely to accept $63.00
on Texas steers by tomorrow on 60/62 lb. averages, and $61.00 on branded
steers of the same average. Packers may very well still resist however,
and hold out for a dollar or two higher in hopes of having another chance
on Friday.
3. The cow sector continues to be in the doldrums with very few bids and
resultant sales being heard on natives, brands and Holsteins.
FEDERALLY INSPECTED SLAUGHTER
Today 135,000
Last week 134,000
Last year 130,000
Week to date 404,000
Last week 403,000
Last year 387,000
Tuesday's slaughter included 111,000 steer/heifers and 23,000 cows and
bulls.
PRICE GUIDE
SELECTION PER PC FOB
Heavy Native Steers 60/62 $68.00 n
Butt Branded Steers 60/62 $62.00-63.00
Branded Steers 60/62 $61.00-61.50
Colorado Steers 60/62 $59.00-60.00
Heavy Texas Steers 60/62 $63.00-64.00
Heavy Native Heifers 48/50 $57.00-58.00 n
Branded Heifers 48/50 $51.50-53.00
Spready Dairy Cows 48/50 $49.00-50.00 n
Native Bulls 90/100 $55.00-56.00
