CATTLE: Cash cattle this week: $148.-150.00, and $237.00 dressed Neb.; on 78 boxed loads cut outs higher at up. $1.07 @ $235.58(c)/up. $1.07 @ $233.00(s) on light demand; Carcass Equivalent: $221.41 up. $.08.
COMMENTS: April cattle recovered some from the big sell off and Wed.’s ‘reversal’ but still in limbo near term technically. The discount is an obvious target for buyers but not sure the CME is giving buyers that failed to buy before another chance. Beef steadily rising not that bullish if one believes it is headed for a frontal-demand crash in the near future. Look at a chart, and why commit for any length of time? Open interest little changed in total amid moderate volume. Close over $144.00 to stabilize near term; close under $142.62 to resume break.
Interior cash hogs higher @ up. $3.04(w)/up. $1.19 (e) with rough avg. $104.00; pork cut outs up. $1.75 @ $109.58, led by primals. Lean index as of 03/05 @ $102.31 up. $1.44.
COMMENTS: Cash hogs higher? When I questioned if the ‘panic’ has stopped, it seemed correct for futures but not for the packers: Packers still seem panicking even tough the PEDv not really evident in the kills. April then basically in a 2-day inside range on the charts. Speculatively trading affair; hedges has to be maintained an some are painful. Open interest little changed amid good volume.
Set the clocks ahead this weekend? Where the heck is the ‘spring’ in spring ahead.