MORNING MEATS 7/25/13
CATTLE: Cash cattle so far $119.00 Kansas; on 164 boxed loads cut outs: choice up. $.55 at $186.85 select up. $.72 at $182.22 on good demand. Carcass Equivalent: $174.83 up. $.28.
COMMENTS: Well, add on another friendly thing: be beef prices higher amid the best daily movement in many weeks. Just looking for a reason to suggest the CASH lows are in or being formed. Open interest rose 1,918 even as August falls 2364 amid moderate volume. I am still in the August contract but watching the October as well as we near a switch, however, it is still just exchanging one trading range for another right now.
Weekly Export Sales: fell modestly to 14,900t led by Mexico 4,200t and HK 3,100t.
Interior cash hogs yesterday higher at up. $.47/$.78 rough avg. $96.00; cut outs dn. $1.01 @ $97.93; lean index as of 07/22 @ $100.66 dn. $.39.
COMMENTS: Cash hogs about steady early. Since the cold storage report turned me neutral August, it is worth noting the October has been in an upward chart move since the low of 7/9 and near attacking the 6/28 high of $87.07 (its discount tough to fade right now). Open interest though a battle ground again: up 4,010 even as August falls 3,022 (combined V/Z/G up 5900), volume moderate.
Weekly Export Sales: rose modestly to 6,800t led by Mexico at 3,700t.