CATTLE: Cash cattle last week $131.-133.00, Neb. dressed $208-209.00; on 114 boxed loads cut outs lower at dn. $.94 @ $201.47(c)/$2.64 @ $186.98(s) on moderate/light demand; Carcass Equivalent: $192.00 dn.$.64.
COMMENTS: Cash cattle last week about steady southern plains and steady off $2.00 northern plains. December roughly in line with current cash and Feb. lost a chunk of premium last week. Perhaps a consolidation is in order. Open interest fell 3,800 led by Dec. off 5,500 (blow out of recent new longs?) amid moderate volume; nearby resistance $133.22-133.80, nearby support $132.50-131.75. Oversold best we say for now.
Interior cash hogs higher up $.60 at 78.15 (w)/(e) not est.; pork cut outs up. $.99 @ $89.58. Lean index as of 12/05 @ $82.46 dn. $.45.
COMMENTS: Cash hogs look lower early even as arctic cold permeats most areas. Cut outs jumped nearly a buck on the back of mostly bellies up $5.00. Open interest little changed in total, of note Dec. off 2,240 amid moderate volume. Nearby resistance $89.47-90.00; nearby support to $87.87 (major support, the lower end of September’s movement).
NOTE: C-O-T reports: Cattle leaned bearishly; hogs leaned friendly; corn looked about neutral; soybeans leaned slightly bearish; wheat leaned slightly friendly.