MORNING MEATS 5/07/13
CATTLE: Cash cattle last week $128-131.00. Neb. dressed $206-208.00; On 90 boxed loads cut outs: choice dn. $1.42 at $200.26, select dn. $.52 at $189.61 on light demand. Carcass Equivalent: $189.22 dn. $.08.
COMMENTS: Nice bull trap early yesterday. There’s nothing to change my opinion yet. The discounts are a demand bear feature. June obviously trapped between $123-124.00 and $120-121.00 currently. Not much other ‘insight’. Open interest rose 2,706 led by August but on an apparent roll vs. June, other months little changed, volume moderate.
Interior cash hogs yesterday higher at up $.35/$.66, rough avg. $87.50; cut outs dn. $.17 @ $87.01; lean index as of 05/02 at $86.79 up. $1.25.
COMMENTS: Cash hogs steady-ish again as the interior merely inching higher instead of jumping higher as the pork trade turned listless in here. Open interest little changed, some June/July rolling noted, amid moderate volume. Like the cattle, a trading affair still; will see if $93.00 foretells a top.