CATTLE: Cash cattle last week: $143.00 So., $143-146.00 Neb. and $230.-$232.00 dressed; on 102 boxed loads cut outs lower @ dn. $.99 @ $232.66(c), dn. $1.87 @ $221.90 (s) on moderate demand; Carcass Equivalent: $216.93 dn. $.55.
COMMENTS: Time to prove the ‘breakout’? Last week, on Thursday we had a strong upside gap breakout with good volume and a jump in open interest, On Friday, price/O-I/volume all a dud. Fund (negative) pattern repeating itself? Time to _hit or get out of the stall. C-O-T report: leaned
bullishly but that gap might have been the ‘pressure valve’ release. I know, second guessing it. And end week cash cattle Nebraska was back to steady sales though for 2 week shipment.
Interior cash hogs @ dn. $2.67-3.12 (w) to N/E (e), rough avg. $N/A. Pork cut outs rose $2.66 @ $115.41 (primals). Lean index 05/29 @ $110.67 dn. $.16.
COMMENTS: Cash hogs called steady-ish. Big jump in cut outs courtesy of the bellies up nearly $13 (they could be down as much today if the pattern holds); the market makes new swing lows under technical pressure and its premium; on the chart: July hogs topped out about one more time since March’s official top, after the PEDv panic buying again. Open interest rose 1100 even as June falls 1400 (up in scattered months) amid light-side volume; C-O-T report: leaned neutral. The bulls load remains PROVING PEDv will cut the kills hard after getting away with just DREAMING it in April/May.