LITTLE EFFECT SEEN FROM COLD STORAGE REPORT The USDA monthly cold storage report for meats is expected to have little, if any, effect on livestock and meat futures at the Chicago Mercantile Exchange Monday and daily fundamentals will likely provide the bulk of direction, livestock analysts said. The increase of 66.4 mln lbs in total poultry offsets the 22.6 mln lbs decline in total red meats. Fundamentals may provide most of the direction in futures on Monday, they said. "I think the market is going to be looking at some other things and accentuate whatever the action of cash markets might be early next week," Jerry Gidel, livestock analyst for GH Miller, said. Shearson Lehman livestock analyst Chuck Levitt said futures will be in the shadow of a little larger seasonal hog marketings pace next week. Also, Easter ham business was completed this week and there may be less aggressive interest for pork in general next week. "We needed some help from the cold storage report to avert a possible setback next week in the pork complex," Levitt said. Analysts agreed with CME floor traders and called the belly figure neutral to slightly negative. Although belly stocks were down 33 pct from last year, they exceeded the average expectation and actually showed a lighter than expected decline from last month due to an adjustment to last month's holdings, they said. However, analysts noted that the amount of bellies put in storage has been light since the beginning of March and this is a potentially bullish situation. Glenn Grimes, agronomist at the University of Missouri, said, "I would not look for (belly) storage during the next month or two to be heavier than a year ago - I think it will be less."