CATTLE: Cash cattle last week: $150.-152.00 south, $152.-154.00 Neb. and $245.00 dressed; on 77 boxed loads cut outs lower @ dn. $.67 @ $233.79(c)/dn. $2.33 @ $225.01(s) on light demand; Carcass Equivalent: $222.17 up. $.05.
COMMENTS: Cash cattle likely to be lower but the April already discounted. But enough or too much? Best to keep it in its trading range and spec from there. Did notice a near “triple top” at $146.82-147.00 and triple tops meant to be taken out. Unless of course it’s a distribution top, of which it still a possibility. Open interest fell 1500 amid moderate volume.
Interior cash hogs lower @ dn. $.91 (w) to dn. $1.02 (e), rough avg. $126.00: Pork cut outs up. $1.23 @ $131.59, bellies up $7.00. Lean index as of 03/27 @ $129.15 up. $1.02.
COMMENTS: Cash hogs mixed early as weather turns foul, especially northern areas? The Pig Crop in a different world was bearish for more than one day but the bulls are resurrecting the old ‘USDA doesn’t have the numbers right on PEDv’. Therefore, it might take until ACTUAL kills to prove or disprove it. I am using a close under $122.20 area as a likely head’s up area if buying strong breaks. I am certain of nothing in here but I do respect the USDA numbers as about right. PEDv is like shadow boxing when trading. Open interest rose 2,600 but curiously spread over 8 contract months modestly each, volume was moderate.