CATTLE: Cash cattle so far: $143.00 So., $143-145.00 Neb. and $230.-$232.00 dressed; on 181 boxed loads cut outs lower @ dn. $.66 @ $233.65(c), dn. $.38 @ $223.77 (s) on strong demand; Carcass Equivalent: $217.48 up. $.21.
COMMENTS: Cash cattle end the week on the defensive but not as bad as could have been, likely due to the big retail push in the beef market. Packer beef supplies have been drawn down nicely. Retail: avg. beef prices dropped some to $5.03/lb. avg. vs. 5.41wk. ($4.45yr.); weekly beef export sales rose 5% to 12,700t led by Mx./So.Kor./H-K; open interest rose 3,500 even as June fell 3700 amid moderate/good volume; on the charts, funds ‘returned’ and prices look to once more challenge highs. Or not? If we keep failing the chances of a distribution top lingers. Still a trading affair.
Interior cash hogs @ up. $1.24 (w) to N/E (e), rough avg. $N/A. Pork cut outs fell $1.03 @ $112.77 (primals). Lean index 05/28 @ $110.83 dn. $.15.
COMMENTS: Cash hogs mixed/weak early. Russia bans U.S. pig imports due to PEDv; weekly export sales fell 20% to 9,100t led by Mx. t 4600t; open interest little changed in total amid light volume. Certainly seems July hogs could take on their gap around $110.00 on the charts and if it did, would be in line with the western interior and the lean index. I don’t see anything clever to do in here.