CATTLE: Cash cattle so far $119.00 south, $120.50 Neb.; on 120 boxed loads cut outs: choice up. $.77 at $187.66 select up. $.48 at $182.70 on moderate demand. Carcass Equivalent: $174.85 up. $.02.
COMMENTS: While still friendly overall, my reluctance to ‘pay up’ or buy the premium is 1) cash lows not decidedly confirmed and 2) while October very much still in trading affair, lately the action looks like a ‘rolling top’. Hence trading it. Open interest little changed in total even as August drops 2659, volume moderate. Let’s see if the cooler temps. brings out the BBQ’s again over the weekend.
Interior cash hogs yesterday mixed at up. $1.49/dn. $.30 rough avg. $96.00; cut outs up. $1.04 @ $98.976; lean index as of 07/24 @ $100.36 dn. $.11.
COMMENTS: Cash hogs starts steady then goes from there. Cut outs all over the place lately with two-sided moves on major cuts in the pork day to day. August needs a close over $100.00 to prove a bull point; October remains in an uptrend and nearing trend/line support. Open interest rose 4,357 largely spread out between the V/Z/G/J contracts combined up 5600…guess that’s a vote of confidence but also a battle considering the closes…volume perked up to good.