CATTLE: Cash cattle so far $131.00; on 152 boxed loads cut outs mixed at dn. $.76 @ $198.58(c)/dn. $.87 @ $186.43 (s) on good demand; Carcass Equivalent: $190.16 dn.$.52.
COMMENTS: Cash cattle look to be holding in the south but did see late $130.00 sales, both at light levels for now. Besides the cash cattle, the futures also ‘positioning’ for the Cattle-On-Feed report and Cold Storage numbers. One positive is the amount of beef movement of late but enough to clean up the inventories? I lean no at this point. Open interest little changed even as Dec. falls 2,042 amid light-side volume. No opinion change.
Interior cash hogs yesterday lower at dn. $.91/dn. $2.14, rough avg. $76.60; pork cut outs up. $.06 @ $89.19. Lean index as of 11/19 @ $82.83 dn. $.46.
COMMENTS: Cash hogs called weak again as interior markets make new swing lows and as pork remains tepid ahead of the holiday. However, seasonally cash hogs can bottom into December and perhaps why December has turned stubbornly holding recent swing and multi-month lows at $84.92. Open interest little changed in total, likely rolling between Dec./Apr. noted, volume light-moderate. No opinion change. Cold Storage report might tip the futures either way.