CATTLE: Cash cattle last week $130.-132.00, Neb. dressed $207.00; on 142 boxed loads cut outs higher at up. $.10 @ $201.42(c)/$.80 @ $189.08(s) on moderate demand; Carcass Equivalent: $190.56 up.$.03.
COMMENTS: Range breakout for the December and Feb. but both modestly so and accompanied by Dec. open interest off 2,818 (total up only 920) amid moderate volume. Hence, no major bull-buying push yet. As such I’ll keep the likely bear defense at a move over $132.60 and play it from there.
Interior cash hogs yesterday higher at up. $.20(e)/$1.41, rough avg. $78.50; pork cut outs dn. $.01 @ $88.67. Lean index as of 11/25 @ $80.93 dn. $.37.
COMMENTS: Cash hogs steady-ish ahead of the holiday tomorrow.
10-day range now for December & Feb., either basing or bottoming? Not sure and have no ’tilt’ just yet. As such, I’ll leave the likely bear defense a move over $86.70 for now.