Kleist Comments

MORNING MEATS 6/14/13
MORNING MEATS 6/14/13

MORNING MEATS 6/14/13
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CATTLE: Cash cattle last week $122.00, Neb dressed $197-198.00; on 132 boxed loads cut outs: choice dn. $1.16 at $200.63, select up. $.06 at $184.37 on moderate movement. Carcass Equivalent: $185.72 dn. $.63.

COMMENTS: Cash cattle likely to be lower this week and $121.00 has the tilt. Open interest little changed in total and individually amid light volume. August back into a possible bottoming area; likely defense a move under $117.82 lows.

Retail featuring leans more to pork/poultry but no surprise there.

HOGS: ****JUNE EXPIRES****

Interior cash hogs yesterday higher at up. $1.00/$2.03 rough avg. $101.85; cut outs dn. $.36 @ $98.90; lean index as of 06/11/13 $98.76 up $.80.

COMMENTS: Cash hogs seen steady as packers appear to have enough booked into next week. Pork products gave back very little overall but through the courtesy mainly of a surge in rib values. End of week profit taking could make for another choppy trade. Mini-battle here in the hogs (sans June) as open interest rises with past high volume last 4 days; yesterday total open interest rose 3,462 through July dropped 5,100 amid good volume. Hence July’s swing high at $100.07 needs serious attention. Toppy action? Not confirmed to me just yet but in formation. Means cautious of buying rallies at least.

Kleist Comments

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

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