CATTLE: Cash cattle last week $119.00 south, $119-120.50 north; on 159 boxed loads cut outs: choice dn. $2.64 at $186.94 select dn. $1.70 at $181.50 on good demand. Carcass Equivalent: $174.55 dn. $1.35.
COMMENTS: Not much here as usual lately. If at a bottom we could say a ‘distribution low’ forming as prices sideways for 26 days or so…other side of that coin could be a ‘distribution top’ forming though not at a contract high. Nonetheless I am leaning more towards buying an upside breakout than the opposite. Open interest rose 1,918 even as August drops 2364, volume moderate/light.
Interior cash hogs yesterday lower at dn. $.14/$1.24 rough avg. $95.00; cut outs up. $.62 @ $98.94; lean index as of 07/22 @ $100.66 dn. $.39.
COMMENTS: Cash hogs about steady early. The Cold Storage report put some upside energy into the futures though August IS discount to the lean index which helped; open interest rose 3,347 even as August drops 4148, volume moderate. No feel in here and leaning neutral for a bit.