Kleist Comments

MORNING MEATS 5/07/13

MORNING MEATS 5/07/13
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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.

HOGS:

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.

Kleist Comments

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

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