Cattle on Feed Report Negative
Beef appears to be slowing the free fall. High end cuts primal ribs and loins keeping product at current levels with chucks and round off last week’s lows.
The Cattle on Feed report was on the negative side, not because there will be too many cattle but because there will be more than enough beef. With carcass weights up 50 plus pounds over a year ago and placements essentially the same as a year ago, there is going to be a lot of beef.
Pork cutout started out Monday stronger but gave up most the gains on afternoon trade. Loins were down 1.72 but hams were up 13.51 in the morning to end day up 1.14 and bellies up 23.61 in the morning settled up only 61 cents.
Bellies could move up. August is often a strong month for bellies as August is known for BLT’s. Restaurants are opening as the largest cities like New York city are re-opening.
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