CATTLE: Cash cattle last week $119.00 south, $119-120.50 north; on 100 boxed loads cut outs: choice dn. $.24 at $188.98 select dn. $.97 at $183.20 on light demand. Carcass Equivalent: $175.90 dn. $.29.
COMMENTS: Cold Storage report as expected, dn.4% o month and up 2.5% on yr.; open interest rose 1,751 amid light-side volume; trading range continues. Pork cold storage numbers a bit supportive beef.
Interior cash hogs yesterday mixed at dn. $1.09/up. $4.20 rough avg. $96.00; cut outs up. $.07 @ $98.32; lean index as of 07/19 @ $101.31 dn. $.16.
COMMENTS: Cash hogs called flat/firm early. Well, the Cold Storage report: guess when there are months of increasing and record high stocks there’s room for a record large drawdown, 2x’s the average; even chickens fell 2.2% on month, up 2.8% on yr. but also dn. 4.8% on avg. As for the pork, the frozen discount might have helped offset the fresh increases in June. Nonetheless, a huge out movement though I am not prepared to suggest it’s a game-changer.