CATTLE: Cash cattle last week $130.-131.00, Neb. dressed $207-208.00; on 84 boxed loads cut outs mixed at dn. $.20 @ $196.69(c)/up. $2.09 @ $190.52(s) on light demand; Carcass Equivalent: $188.54 dn. $.01.
COMMENTS: Cold Storage report had frozen beef stocks slightly up on month and year, even at a time of 5% less marketing’s. Not overly encouragingly bullish after hitting our bear defense area yesterday. However, now we are free to graze at neutral and see what develops.
HOGS: *****EARLY CLOSES………..
Interior cash hogs lower @ (w & I/m-n/e)-(e $77.20 n/c); pork cut outs dn. $.31 @ $85.08. Lean index as of 12/20 @ $79.73 dn. $.73.
COMMENTS: Cash hogs look lower. Western corn belt/ Iowa/Minn. interiors must be busy getting ready for Christmas. Cold storage report to me a bit negative when we throw chicken stocks at up 7% on month and up 2% on year (by the way, bellies whether cash or now defunct futures still amaze—–stocks up 108% on year and up 81% on month! All the while cash belly prices have been very volatile up and down). Pig Crop est.’s (avg.)…All 100%; breeding 101.00%; market 100%…..once again some estimates are merely minutia of these. Open interest very light and little changed open interest. No opinion change.
By the way, Smithfields says “limited success” containing swine virus PEDV, U.S. to see culling of herds in 2014.