MORNING MEATS 6/12/13
CATTLE: Cash cattle last week $122.00, Neb dressed $197-198.00; on 169 boxed loads cut outs: choice dn. $.19 at $202.99, select up. $.72 at $184.16 . Carcass Equivalent: $186.98 dn. $.05.
COMMENTS: Futures rally back to near area of its recent trading range ($120.67-120.97; no deliveries; open interest little changed in total amid moderate volume. August ‘basing’ $118-119.00?
Interior cash hogs yesterday higher at up. $1.76/up $2.45 rough avg. $97.50; cut outs up. $.85 @ $97.99; lean index as of 06/10/13 $97.96 up $.28.
COMMENTS: Cash hogs higher early. Many previous bearish large firms now very bullish the hog prices on a lack of numbers continuing and good pork demand continuing; I/M wts. 275 dn 1.7lbs on week (overcurrent?) and up .6lbs. on yr. For the August, $100.20 an old double high next target. Wonder when the record high cold storage stocks work in?