CATTLE: Cash cattle last week $124.00 south; $125-125.50 north; on 135 boxed loads cut outs: choice up. $.01 at $193.60, select dn. $.42 at $177.05 on moderate demand. Carcass Equivalent: $182.52 dn. $.11.
COMMENTS: The cash cattle trade still called weak and again will likely inhibit the upside on futures especially at premium. It would seem a ‘no-brainer’ to sell, would it not? But it hasn’t been except in the context of its trading affair rollar coaster. Retail featuring added some more grill items and weather overall looks favorable in general for BBQ’ing and steaks.
Interior cash hogs yesterday mixed at dn. $1.20/up. $.20, rough avg. $91.50; cut outs up. $.81 @ $101.08; lean index as of 09/26 @ $97.66 dn. $.33.
COMMENTS: Cash hogs called weak but also ahead of today’s Pig Crop report, overbought and technical considerations. Found it interesting a report that the ‘big boys’
that bought Smithfields will push for ‘a quick gearing up of U.S. PORK’ to China that includes more value-added items (hams, etc.). Wake up call perhaps? Let’s see if the Pig Crop changes the near term bull trend.