Kleist Comments

MORNING MEATS 4/30/14
MORNING MEATS 4/30/14

CATTLE: Cash cattle last week: $146.00Ks., $145.00 Tx. south, $148.00 Neb. and $235.00 dressed; on 81 boxed loads cut outs mixed @ up. $1.19 @ $234.36 9c)/dn. $1.15 @ $228.42(s) on light demand; Carcass Equivalent: $219.11 up. $.62.
COMMENTS: ****APRIL EXPIRY AT NOON>>>>>>>>>>>>>>>>
Under a $10.00 discount to the April as June takes over lead month. One would think that’s supportive but then again what’s June telling us? I’d rather keep to a trading affair, edge to the buy side on breaks perhaps but no matrimony yet. Open interest little changed in total but rolling evident from April into the June, volume moderate.
HOGS:
Interior cash hogs lower @ dn. $1.28 (e) to dn. $1.06 (w), rough avg. $109.25: Pork cut outs fell $3.53@$114.19,on belly(dn.$13!!!) then loins/hams. Lean index 04/28 @ $116.22 dn. $.61.
COMMENTS: Cash hogs likely lower as those rascally packers keep whipsawing the pork using the bellies as the whipping boy. I did mention Monday’s rise looked forced. Nonetheless, futures took it to heart with prices sharply lower (what a coincidence); open interest, contrary to what I read about funds rushing in, was little changed in total OR individually, volume light. Prices whipping around on a lack of confidence.

Kleist Comments

This is John Kleist, of Kleist Ag Consulting.
Questions? Email me: johnwkleist@sbcglobal.net

Disclaimer: Trading options and commodities involves risk of loss and my not be for every investor. Past trading results may not be indicative of future performance. Although information and opinions provided herein are compiled from sources believed reliable, the sender, EBOT Trading, or its principals cannot attest as to accuracy or assume any responsibility for any errors or omissions as the information may not be complete or events may have changed.