Cattle: Boxed beef up 22/26 on very light movement of 93 loads.
Another impressive day especially in the feeder pit. The market looks poised to move higher in the live pits but how much more is left if the market can absorb less than 100 loads a day? Believe part of the strength on much lower than normal open interest as some think the funds will buy cattle and have lots of room to push it higher due to the lack of open interest. That may happen but if the cash and products don’t follow, it will be short lived with a sharp correction. Will give the market its due for now but will be prepared to hedge if the market looks toppy.
Hogs: IA/MN cash at $93.75 up $1.49. Loins up $3.67, Hams down $1.87 and bellies down $2.98.
The higher cash trade along with cattle leading the way higher into newcontract highs. With the surge in cash, October still goes home a discount. The quarterly pig report On September 30th could have prompted some shortcovering today.