Kleist Comments

MORNING MEATS 5/22/14
MORNING MEATS 5/22/14

CATTLE: Cash cattle last week: $144.-146.00 So., $147.-147.50 Neb. and $232.-235.00 dressed; on 163 boxed loads cut outs higher @ up. $.93 @ $231.16(c), up. $1.06 @ $220.09 (s) on good demand; Carcass Equivalent: $217.68 up. $.38.
COMMENTS: The beef market keeps its upside momentum and movement swelling nicely; weekly beef exports fell 5% to 12,200t; open interest little changed even as June falls 4550 amid light volume; discounted futures rally stalling, perhaps with beef back to its “magic” number over $230.00. Demand could shut off quickly obviously but when In do not know. Trading affair with bullish bias remains?
HOGS:
Interior cash hogs @ dn. $1.61 (w) to n/e (e), rough avg. $n/a: Pork cut outs fell $2.06 @ $113.62 (bells leade). Lean index 05/20 @ $111.46 dn. $.19
COMMENTS: Cash hogs mixed but weak undertone as cut outs fall hard after several days of gains. Weekly pork export sales rose 45% to 11,600t led by Mex., Japan and South Korea; open interest rose 2,260 amid light-side volume. June hogs keep coiling looking for a breakout either way but likely hoping for an upside breakout over PEDv. Trading affair inside an overall down market on charts.

Kleist Comments

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

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