GOOD FRIDAY THIS WEEK……………..
CATTLE: Cash cattle last week: $147.00 south, $150.00 Neb. and $240.00 dressed; on 112 boxed loads cut outs lower @ dn. $2.88 @ $223.12(c)/dn. $1.84 @ $212.46(s) on moderate demand; Carcass Equivalent: $214.95 dn. $.51.
COMMENTS: Roughly half way higher into the current trading range. For now, I am not giving it much more room and would back off a bit. Too many unanswered questions over beef demand and kill numbers. Open interest rose 1,100 even as April falls 1360 but the increases scattered modestly across the other months amid light-side volume. Another bull warning flag perhaps. C-O-T report: leaned friendly.
Interior cash hogs lower @ dn. $1.89 (w) to dn. $1.37 (e), rough avg. $118.70: Pork cut outs dn. $.03 @ $123.85, narrow changes. Lean index as of 04/10 @ $126.75 dn. $1.04.
COMMENTS: Cash hogs likely lower. Post-Easter pork demand will be the next focus and reports already bemoaning the retail price increases in Deli Meat and pork sausage; April expiry today, June on board at +$3.00 discount might be supportive but I am not sure we should be running in to buy June hogs…at discount or otherwise….just yet. Open interest little changed in total and individually amid fairly light volume. I read where there’s a “hammer bottom” on the candlestick charts and on the bar charts looks like a ‘hammer’ type formation in my imagination. But unless it was Thor’s Hammer I’ll still let it soak awhile, trading affair. C-O-T report: leaned bullish.