CATTLE: Cash cattle last week $130.-131.00, Neb. dressed $206-207.00; on 90 boxed loads cut outs mixed at dn. $1.54 @ $189.23(c)/ up. $.37 @ $188.98(s) on light/moderate demand; Carcass Equivalent: $189.23 dn. $.75.
COMMENTS: Not unusual, it seems that jump in choice Monday was indeed for ‘quick-ship’ as the last two days have cooled off. Cattle-On-Feed
again Friday: avg. est.’s On Feed 95.5%; Placed 101%; Marketed 95%. Open interest little changed in total amid light volume. Looking for lows, will maintain likely bear defense.
Interior cash hogs @ (e) N/C, (w) up $1.75 avg.$78.00; pork cut outs dn. $.15 @ $90.53. Lean index as of 12/16 @ $80.77 dn. $.17.
COMMENTS: Cash hogs steady/firm? Early western corn belt posted at $2.38 lower and the later wire had it up $1.75….interesting. As mentioned, when the cut outs rise strongly and hog markets get trashed together as on Monday, could be a bear trap. Open interest fell 3,795 amid light-side volume. Lowering bear defense to a move/close over $88.07.