Kleist Comments

MORNING MEATS 11/12/13
MORNING MEATS 11/12/13

CATTLE: Cash cattle last week $131.-132.00; boxed loads n/a: Carcass Equivalent: n/a.

COMMENTS: Cash cattle ended last week roughly steady/mixed ans as such there’s feelings cash cattle could be steady-ish this week. No USDA due to the holiday so we need to see how beef is holding up price and movement-wise. Open interest rose 1,507 even as Dec. falls 5,449 (rolling ‘plus’) amid moderate volume. No opinion change for now, a close over $133.77 turns me neutral near term.

HOGS:

Interior cash hogs yesterday n/a; pork cut outs n/a. Lean index as of 11/07 $85.92 dn. $.53.

COMMENTS: Cash hogs seen firmer on possibly a few numbers moved hindered by the snow and especially cold. No way to tell how the pork trade is going yet but there’s talk again these higher numbers and higher wts. will succumb to a decline of PED-infected supplies, tough to fight a phantom for now. Open interest fell 3,755 led by Dec. off 8650 amid moderate volume; no opinion change, a close over $90.40 turns me neutral vs. negative near term.

Kleist Comments

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

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