Kleist Comments

MORNING MEATS 11/15/13
MORNING MEATS 11/15/13

CATTLE: Cash cattle last week $131.-132.00; on 137 boxed loads cut outs mixed at dn. $.45 (c) @ $202.56/ up $.03(s) @ $18.52 on moderate demand;

Carcass Equivalent: $191.32 dn. $.21.

COMMENTS: Export sales improved dramatically…..but from week ago’s (-) minus 18,500t to (still modest) 11,800t this week…still a net 2-week loss of 7,000t; retail featuring holiday items as expected but at higher prices on week and year reportedly; open interest rose 3,831 amid moderate volume..battle over important support and in a 6-day mini-uptrend; cash cattle expected steady at best. No opinion change.

HOGS:

Interior cash hogs yesterday lower at dn. $.73/$1.64, rough avg. $80.00; pork cut outs up. $.57 @ $92.95. Lean index as of 11/13 @ $84.70 dn. $.36.

COMMENTS: Cash hogs steady/weak as the week ends; weekly pork export sales to a modest 7,600t though Japan and South Korea among top 3 of the buyers; “jumbo buffalo wings” prices fell strongly and poultry herds reported up 4.9% on cheap feed; open interest fell 5,665 led by Dec. off 7435, rest little changed, amid moderate volume;

Dec. hogs came back from the brink (not closing at its new swing/range) low. Good numbers, weak pork demand and high wts. keeps opinion unchanged.

Kleist Comments

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

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