MORNING MEATS 6/14/13
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.