CATTLE: Cash cattle last week $131.-132.00; on 225 boxed loads cut outs fell $.53/1.20; Carcass Equivalent: 191.76 dn $.38.
COMMENTS: Charts holding in a stalemate so far above important support at $131.30 as Dec. so far just in line with the current live market cash. Some trade interest as open interest rises 2,284 even as Dec. falls 6,347 and combined with yesterday’s pit action a bit of a battle, volume good. No opinion change.
Interior cash hogs yesterday mixed at up $.09 to dn. $54, rough avg. $81.50; pork cut outs dn. $.51 @ $93.88. Lean index as of 11/07 $85.92 dn. $.53.
COMMENTS: Cash hogs likely weak though the arctic cold might limit some movement; apparently I/M runs were heavy ahead of it; I/M wts. rose .3lbs. on week and up 8.2lbs(!) on year; loins and hams led cut outs lower; Charts say “head & shoulders top” still valid here; new swing lows in overnight, if holds on close $85.00 next downside target. Open interest fell 2,300 led by Dec. off 7376 amid moderate volume.