CATTLE: Cash cattle last week $130.-131.00, Neb. dressed $206-207.00; on 96 boxed loads cut outs mixed at dn. $1.56 @ $198.89(c)/ up. $.39 @ $187.01(s) on light demand; Carcass Equivalent: $189.91 dn. $1.29.
COMMENTS: Cash cattle last week fall $1-2.00 overall in moderate sales. Next week a Christmas-shortened kill week and therefore one might expect cash cattle to be steady at best this week. New Year’s steak buying already booked but perhaps post-New Year beef featuring will be a factor after the sharp break in prices. Open interest fell 2,714 led by dec. off 1911 amid light-side volume; C-O-T report: leaned friendly; charts forming a “mini head and shoulders”?; maintain same likely bear defense.
Interior cash hogs mixed @ up. $.24(e)/dn. $2.07(w), rough avg. $77.25; pork cut outs dn. $.88 @ $86.87. Lean index as of 12/12 @ $81.02 dn. $.13.
COMMENTS: Cash hogs look weak again with melting cut outs, ample wts./numbers. This arctic cold front not presenting much of a problem. Holiday shortened week next week also a feature, Open interest little changed in total, some rolling out of Feb. into April noted, amid light-side volume; C-O-T report: leaned friendly; am lowering our likely bear defense to a move/close over $89.00.