Slow Trading Likely for Cattle and Lean Hogs
At first the Cold Storage Report appears negative being up 5% from previous month, but under the circumstances, with less meat than a year ago and heavier cattle this year it is a neutral to friendly report.
Beef had gain on Choice rib sections but weakness on loins. Choice chucks and rounds higher. Spread narrowed between Choice and Select. Demand for lower grade beef remains strong. A little too soon for high end Choice to move higher into November and December.
Pork cutout was down 1.43 Tuesday afternoon after being up 4.17 in the early sales. Whoever was being squeezed over the past 2 weeks in hams and bellies must have thrown in the towel by the afternoon because hams went from $99.39 in the morning to $79.15 on afternoon sales. Hams have been driver behind surge in pork. Loins did do well Tuesday up $5.42 from Monday.
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