CATTLE: Cash cattle last week $129-131.00 and $203-204.00 dressed; on 132 boxed loads cut outs Choice $196.29 up $.26, select $179.98 dn. $1.74: Carcass Equivalent: not available likely for a few more days.
COMMENTS: This week we get to see if the chart reversal (again a big, huge reversal but not a KEY one) is a heads up our extended BBQ’ing season is over as more autume leaves begin to fall and some snow possible this far south tomorrow. Weekly export sales reported at 12,800t led by Japan at 3,100t (for week of Sept. 26th) but barely routine ande a bit disappointing? Open interest rose 1,904 over several months amid light/moderate volume. Resistance likely $132.50-133.00 and likely bear defense merely a new contract high for a trading turn.
Interior cash hogs yesterday dn. $7/1.57, rough avg. $89.75; pork cut outs at $93.13 dn. $1.53.
COMMENTS: Cash hogs called steady/weaker early on lowered cut outs and an expected increase in numbers and weights (that meaty new corn!); pork exports were a bit better coming in at 21,800t led by Mexico at 11,400t of it and helps explain some of the better than expected live market whole the USDA was on sabbatical. Does it negate the chart reversal? Not yet. Open interest ell 1,333 led by December off 1,848 amid light-side volume. The low end of the broad trading range is $86-85.50, close under confirms the high in? Nearby resistance $88.50-89.00, likely bear defense simply a new high from a technical perspective. Seasonally in line anyway.