Kleist Comments

MORNING MEATS 10/16/13
MORNING MEATS 10/16/13

CATTLE: Cash cattle last week $128.00 north & south $198.-200.00 dressed; boxed loads cut outs——-not available: Carcass Equivalent: Not available.

COMMENTS: Saw one technical review that on candlestick charts feeder cattle in an “evening star” topping formation; fat cattle futures acting like $130.00 acting prices are likely to come to fruition or at worst cash markets will hold steady; no cattle-on-feed report Friday?; open interest swings around: total off 1,083 led by Oct. off 2,231 amid moderate volume. Will not chase it (longs) in here but keeping to a trading affair on futures (hedges still recommended ‘just in case’).

HOGS:

Interior cash hogs yesterday not available, west was called $4.00 higher;

COMMENTS: Nice whipsaw that included a whipsaw in open interest with it: rose 3,737 led by Dec. up 2,563 amid moderate volume; December not only held its range lows it reversed sharply in doing so. December also close over $87.32 which put us near term neutral; One report yesterday had western interior prices up $4.00 (though said dn $1.50 early today). Might be the rally just a death rattle but the jump in open interest was totally unexpected.

Kleist Comments

This is John Kleist, of Kleist Ag Consulting.
Questions? Email me: johnwkleist@sbcglobal.net

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