Kleist Comments

MORNING MEATS 7/19/13
MORNING MEATS 7/19/13

DETROIT FILED FOR BANKRUPTCY?

THINK ABOUT IT.

CATTLE: Cash cattle last week $119.00 south, $120-121.00 north; on 123 boxed loads cut outs: choice dn. $.14 at $189.30, select dn. $.05 at $183.73 on light/moderate demand. Carcass Equivalent: $176.55 dn. $.56.

COMMENTS: Futures do no need much of a reason to be quiet lately but with the cattle on feed report this afternoon and perhaps consolidating volatile previous two-days, why not? Open interest rose 1,966 amid moderate volume. Cash cattle trade leans weaker for the week, we’ll see. Nothing really new to chew on and hence no opinion change.

HOGS:

Interior cash hogs yesterday mixed at up. $.57/dn. $1.94 rough avg. $96.25; cut outs dn. $.89 @ $98.43; lean index as of 07/17 @ $101.49 dn. $.41.

COMMENTS: Cash hogs look weak coming in as packers have mostly sufficient inventories, overall cut outs red and high heat to restrict movement. Cold Storage report Monday expected to show record large pork and beef inventories; open interest fell 964 amid moderate volume. No opinion change.

Kleist Comments

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

Disclaimer: Trading options and commodities involves risk of loss and my not be for every investor. Past trading results may not be indicative of future performance. Although information and opinions provided herein are compiled from sources believed reliable, the sender, EBOT Trading, or its principals cannot attest as to accuracy or assume any responsibility for any errors or omissions as the information may not be complete or events may have changed.