Kleist Comments

MORNING MEATS 11/21/13
MORNING MEATS 11/21/13

CATTLE: Cash cattle last week $131.-132.00; on 191 boxed loads cut outs mixed at up. $.32 @ $199.34(c)/dn. $.60 @ $187.30 (s) on good demand; Carcass Equivalent: $190.68 up.$.15.

COMMENTS: Cash cattle taking its time to establish. Unusually large beef movement will be helpful for ‘re-stocking’ but perhaps next week or post holiday, we’ll see. Charts are holding in a small consolidation after making new swing/range lows. C-O-F report and Cold Storage report out Friday (last one a negative tip-off); open interest fell 1,290 led by Dec. off 3436 amid decent volume; no opinion change. Lower prices helping exports? Weekly beef export sales: 16,600t vs. 11,900t wk., led b y Mx. at 5,700t and So.Korea at 4,300t.

HOGS:

Interior cash hogs yesterday lower at dn. $.29/dn. $.60, rough avg. $78.75; pork cut outs dn. $1.04 @ $89.13. Lean index as of 11/19 @ $82.83 dn. $.46.

COMMENTS: Cash hogs should be weak to start the day though curiously the western corn belt went from dn. $2.29 and recovered to only dn. 4.33 late; good pork movement seen after recent pork price breaks; cold storage report might show bone-in hams off but boneless up, which are the Christmas hams (as gifts); open interest little changed in total even as Dec. falls 2,577 amid moderate volume. Dec. hogs consolidating after making new swing/range lows; no opinion change.
Weekly pork export sales: 9,000t vs. 7,600t wk., seems slow.

Kleist Comments

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

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