Kleist Comments

MORNING MEATS 11/11/13
MORNING MEATS 11/11/13

VETERAN’S DAY….THANKS TO ALL THAT SERVE & PROTECT………….

CATTLE: Cash cattle last week $131.-132.00; on 84 boxed loads cut outs Choice $202.79 dn. $1.20, select $189.74 dn. $.43 on light demand: Carcass Equivalent: $192.81 dn. $.98.

COMMENTS: Cash cattle ended last week mixed really with weakness south and steadier south, some notes on available contract cattle larger in south. Friday December cattle held important support (range low at $131.32) which coincided with the live market activity. Lower beef and slow movement makes it tough to get overly friendly just yet however. The likely bear defense a close over $133.77 near term; open interest little changed in total but volume good amid strong apparent rolling; C-O-T report leaned a bit negative.

HOGS:

Interior cash hogs yesterday lower @ dn. $.02/$.58, rough avg. $81.30; pork cut outs at $94.85, up. $.79. Lean index as of 11/07 $85.92 dn. $.53.

COMMENTS: Cash hogs early look weak on perhaps larger hog movement before an Arctic chill moves in tonight, some snow? December hogs in a corrective rally until proven otherwise and seems to forming a “head & shoulders” top; likely bear defense a close over $90.40; open interest fell 1400 led by December off 7,531 (large rolling evident) amid moderate volume; C-O-T report: leaned positive.

Kleist Comments

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

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