CATTLE: Cash cattle last week: $150.-152.00 south, $152.-154.00 Neb. and $245.00 dressed; on 128 boxed loads cut outs lower @ dn. $1.69 @ $231.95(c)/dn. $2.25 @ $221.41(s) on moderate demand; Carcass Equivalent: $220.49 dn. $1.71.
COMMENTS: Cash cattle likely lower as beef losses and April contract cattle pressure feeders. Retail featuring shows little change to beef prices but no big sales either. Feeder cattle prices soar on moisture in the southern plains? Tell wheat about that. Bulls need a close over $147.00 to get upside momentum.
Interior cash hogs mixed (w) @ $128.24 to No/Comp. (e) @ $125.01: Pork cut outs dn. $3.42 @ $129.10, loins and picnics tanked. Lean index as of 04/01 @ $130.34 up. $.03.
COMMENTS: Cash hogs are going to get interesting. After ‘soaring tall buildings in a single bound’, super-hogs now could see a crash and burn demand Kryptonite. And take chunks off the cash/lean index prices. Anyway, June hogs (and cattle) called the end of the dance for this current prom. Like on the upside, calling the downside rightly a near day-to-day focus. Broadly I’d put ‘meaningful’ support in the $120.00′s. Fast math says prices have already fallen over $11.00 from the highs. Talk about shoe on the other foot. Open interest little changed in total, some likely rolling noted between the J and V, on still good volume. Still no large long liquidation on this break. Gutsy, but funds can afford it for awhile.