CATTLE: Cash cattle so far: $141.-144.00, Neb. dressed $226-228.00; on 112 boxed loads cut outs higher at up. $3.58 @ $224.62(c)/up. $2.56 @ $221.91(s) on light/moderate demand; Carcass Equivalent: $208.64 up. $2.56. Record high cattle/beef prices.
COMMENTS: $3-4.00 live and up $4-8.00 dressed for the week so far. Will be interesting to see just high beef prices can go from here. Just to add in what might be a factor over beef demand at ‘rarified air’ levels: unemployment and earnings report just released. No apparent need to concern ourselves with that just now. Weekly beef export sales fell strongly to 15,800t, hard to gauge if rationing has set in there; open interest rose another 2,266 even as Feb. falls 8,722 amid moderate volume. Upside arbitrary, the “old” $140.00 bull target has been surpassed for the Feb.; near term a close under $139.00 Feb. the likely bull defense. Be aware the preponderance of news and ideas are very bullish.
Interior cash hogs mixed @ dn. $.12 (w)/up. $1.45 (e) with rough avg. $77.60; pork cut outs dn. $1.19 @ $83.80. Lean index as of 01/14 @ $80.25 dn. $.42.
COMMENTS: Cash hogs steady-ish early. How high does beef have to go to get pork into the spotlight? I know, beef is beef but the economy might have some say in it. Weekly pork export sales fell to 9,900t. Open interest rose 1,240 amid moderate volume.
The futures ‘bottoming’ pattern remains in place, prices close to an upside breakout?