CATTLE: Cash cattle last week: $142.00 south,and $225.00 Neb.; on 120 boxed loads cut outs higher at up. $3.30 @ $210.98(c)/up. $2.06 @ $209.02(s) on good demand; Carcass Equivalent: $203.87 up. $2.62.
COMMENTS: Looks good for the market as beef prices turn sharply higher; maybe not good as reported live sales last week were light-side south, moderate north. Why quibble? Open interest fell 5,600 and while Feb. was off 11435, April was down 4,420!, volume was moderate/light; C-O-T report: leaned slightly negative. April has been having a bit of trouble over $142.00 but I’ll not tempt fate selling it; trading affair treatment with an upside tilt for now.
Interior cash hogs mixed @ up. $.76(e)/dn. $.30 (w) with rough avg. (w) $86.0; pork cut outs up. $.68 @ $94.60, led by loins. Lean index as of 02/13 @ $85.87 up. $.25.
COMMENTS: Cash hogs steady/higher depending on area after large snows in some areas of the Midwest hurting logistics. The race in futures over PEDv remains alive and well and the bull tilt the charts remain positive. Vietnam bans Chinese live poultry imports over bird flu and other countries to follow suit? Could be good for pork export? or chicken exports (competing meat)? Open interest rose 7,500 led by J/M AND V amid moderate volume (funds backing PEDv and technical signals); C-O-T report: leaned bearishly. Prices running up to rarified air especially the summer months but except for overbought, not showing a topping sign yet.