CATTLE: Cash cattle last week: $150.-152.00, and $240.00 Neb.; on 101 boxed loads cut outs higher at up. $3.74 @ $229.12(c)/up. $4.69 @ $227.81(s) on moderate demand; Carcass Equivalent: $218.63 up. $4.11.
COMMENTS: Futures big discount to the live I talked about yesterday; showlists: Tx. dn. 5,000hd.. Ks. of 1,000hd. and Neb. steady; more sharply higher beef prices suggests higher cash cattle but perhaps the April cattle action does not? Curiously. open interest fell 4,300 led by the April of 7,300 amid good volume; 1st bull defense area hit under $143.80 and 2nd. on a close under the same.
Interior cash hogs mixed @ up. $1.15(w)/dn. $.15 (e) with rough avg. $100.50; pork cut outs up. $1.03 @ $104.14, led by bells & loins. Lean index as of 03/02 @ $97.28 up. $1.36.
COMMENTS: Cash hogs should be higher. I heard, for today’s action, some of the boys worried about Russia’s opening up to U.S. pork imports March 10th might be in danger; well, the market was not worried but panicked on the upside as open interest fell 6,450 led by April off 5780 and amid heavy volume. IS that shortcovering a blow-off top? Not yet, needs time to develop. Remember the “PEDv” of course.