CATTLE: Cash cattle last week $132.-134.00, Neb. dressed $209.-210.00; on 114 boxed loads cut outs higher at up. $.34 @ $203.34(c)/$.09 @ $190.04(s) on moderate demand; Carcass Equivalent: $192.78 up.$.14.
COMMENTS: Cash cattle still waiting for a home; few reported at $209.00 in Neb. and Iowa; weekly beef export sales rose modestly to 11,500t led by mostly Asia then Mexico; open interest rose 3,600 even as Dec. falls 2,506 amid moderate/light-side ……nonetheless, considering the small ranges yesterday a ‘mini-battle’ at play again. We are in a 5-day consolidation and the l/t trend line has held, a move/close under $133.80 a likely bull warning flag. Keep a head’s up as the market could be toppy.
Interior cash hogs Wed. mixed at dn. $1.82(w)/up $.43 (e), rough avg. $78.75; pork cut outs dn. $1.24 @ $88.45. Lean index as of 12/03 @ $82.69 up. $.44.
COMMENTS: Cash hogs likely weak again as wts. and kills (up 1.6% and smacks PED bulls hard) ample, along with Christmas coming up keeping pork weak overall. Weekly pork export sales rose slightly to 9,900t led by Mx. then South Korea; open interest fell 3,553 led by Dec. off 3450 amid moderate volume. The bear market has reasserted itself and the next very important support comes in at a multi-month low of $87.70 (very nearly a ‘double low’).