CATTLE: Cash cattle this week: $150.-152.00 south, $152.-154.00 Neb. and $245.00 dressed; on 102 boxed loads cut outs mixed @ up. $.51 @ $241.75(c)/dn. $1.14 @ $233.31(s) on moderate demand; Carcass Equivalent: $225.28 up. $.65.
COMMENTS: The ‘action’ all in the live and dressed beef as April futures still content in a range and at a discount to the live market. Telling us anything? Weekly beef export sales fell 18% to 13,310t (southeast Asia and Mexico mainly) and may indicate prices are rationing demand here. Open interest rose 3,554 even as April falls 1669 amid moderate volume……mini-battle in here? Best to play the charts still with one jaundiced eye on the fundamental. In here we have the 10-day at $145.05 and the 20-day at $144.60.
Interior cash hogs mixed @ dn. $2.20 (w) to Not/Est. (e): Pork cut outs up. $.76 @ $131.23. Lean index as of 03/24 @ $125.04 up. $2.47.
COMMENTS: Cash hogs? Can go either way, cut outs ‘lean’ firmer?
A walk on the chart shows a correction of $6.80 downward and from yesterday’s low a reversal of $5.00….$12.00 swing in two days. You’d think the pork belly pit was still open. Otherwise, I have no problem with it and if buying towards it swing low, a possible defense under its 20-day at $118.16 but have deep pockets; weekly pork export sales rose 26% to…..6,600t led by Mx. at 3400t of it….no big deal; open interest fell 4,800 led by the April amid good volume. Pig Crop coming up tomorrow to keep trading volatile?