CATTLE: Cash cattle last week: $146.00 south, $148.-147.00 Neb. and $236.-238.00 dressed; on 96 boxed loads cut outs higher @ up. $2.15 @ $231.21(c)/up. $1.55 @ $219.62(s) on moderate demand; Carcass Equivalent: $217.73 up. $1.02.
COMMENTS: Avg. est. C-O-F: On feed 100.5%; Placed 101.5%; Market 96.5%. As for the Cold Storage report: frozen beef stocks fell 1% on month off 21% on year; open interest little changed in total, some rolling out of April to the June noted, volume light-side. I read where a bid of $132.00 passed on in Nebraska dressed, normally not unusual might be a more realistic bid than normal.
Interior cash hogs mixed (w) to Not/Est. (e), rough avg. $N/a: Pork cut outs fell $2.40 @ $116.07, on bellies/hams/loins. Lean index as of 04/21 @ $118.48 dn. $1.17.
COMMENTS: Cash hogs likely weaker if cut outs mean anything (we’ve proven many times it does not); Cold Storage a major surprise as pork stocks fell out of bed and did so at a time of record high prices! But then consider: in March hog futures topped out, which could have been the nadir month of hog kills? which consequently demanded the most storage use? Any way, pork stocks down 12% on month and down 11% on yr.; chicken stocks also off, down 14% on month and off 6% on year. I/M wts. at 286.4lbs. up another .7lb. on week and up 9.5lbs. on year!