CATTLE: Cash cattle last week: $154.-156.00; on 83 boxed loads cut outs higher @ up. $.85 @ $248.13(c), up. $.59 @ $239.52 (s) moderate demand; Carcass Equivalent: $231.38 up. $.44.
COMMENTS: Weekend weather continues to suggest good overall BBQ’ing conditions. I have to wonder however that at some point the retailers are going to revolt at the meat case and unleash appropriate retail prices. Worry about that later. For now, it’s been a case of if futures discount continues to whipsaw those that sell the break. Near term though, August seems to have a ‘double high’ at $153-153.02; if buying breaks, overall the likely bull defense a move/close under $149.89. Frankly I hope prices remain high to pay back some of the grief the feeders have had for years.
Interior cash hogs mixed @ up. $1.03 (W), N/E (E): rough avg. $N/A. Pork cut outs fell $1.58 @ $129.86. Lean index 06/30 @ $127.51 up. $.71.
COMMENTS: Pig Crop still resonating but cooling off some as we head to the holiday weekend. I/M wts. unchanged on the week at 285lbs. while still up 11.4lbs. on year; August hogs did post a new high albeit modestly and overall still in a multi-week trading affair; nearby support $129.96-129.63 (10-20-day), likely bull defense a move/close under $126.47. Big risks on either side.