CATTLE: Cash cattle last week: $150.00 south, $152.-152.50 Neb. and $241-242.00; on 76 boxed loads cut outs lower @ dn. $1.41 @ $240.15(c)/dn. $1.11 @ $233.66(s) on light demand; Carcass Equivalent: $223.75 dn. $.70.
COMMENTS: April cattle looks toppy with that ‘double high’ at $146.82-146.92; currently around its 10-20 day m/a’s at $144.90-144.09; close under $142.70 still needed to negate what has been a bullish, long time trading affair; cattle on feed report negative from placements to marketing’s; cold storage neutral?; cash cattle ends last week up $1-2.00 live south, Neb. steady/up $.50 but their dressed up $1-2.00.
Interior cash hogs higher @ up. $2.53(w),to up $2.63 (e) with rough avg. $124.50: Pork cut outs up. $.37 @ $130.60. Lean index as of 03/20 @ $120.37 up. $1.91.
COMMENTS: Cash hogs higher? Why not? Article I came across said Canada that’s usually non-plussed with our Pig Crops says they are concerned over our ‘deadly virus’, says U.S. lost 6% of pigs; says bacon users should ‘take note’ for the summer; quotes some U.S. analyst as saying we ‘ain’t see nothing yet’ for pork prices…..now me, are we reaching a panic high in here or what? Cold storage report (up 6%) negative especially bellies but of course ‘we’ll need every last pork cut’!!! to weather the coming summer hog scarcity. Open interest little changed even as April falls 1555 amid light-side volume; C-O-T report: leaned bearish. I have no idea where the highs are. Or even what’s proper risk for any new longs, if that swing that way.