Kleist Comments

MORNING MEATS 8/15/14
MORNING MEATS 8/15/14

CATTLE: Cash cattle: $152.00-155.00 and $244.00; on 107 boxed loads cut outs lower @ dn. $.14 @ $256.75(c), dn.$.90 @ $248.57 (s) on moderate demand; Carcass Equivalent: $236.54 dn. $1.43.

COMMENTS: Two things positive: 1) few sales yesterday in Nebraska at $156.00…showlist sucked up? and 2) a similar pre-recovery on the charts like June 8 and July 11; until then, if selling rallies the likely bear defense a move/close over $150.00 near term to neutral. Open interest fell 1900 led by both Aug. and the October nearly equally, volume well toned down.

HOGS:
Interior cash hogs lower @ dn. $2.34 (W), N/C (E): rough avg. $105.00. Pork cut outs rose $1.71 @ $116.19. Lean index 08/13 @ $116.42 dn. $1.46.

COMMENTS: Thanks, pork bellies: late wire jump, up $14.00, ‘saved’ the cut outs; some talk again about a PEDv vaccine; October hogs again post a spike low….but we’ve been fooled before; open interest fell 1,000 led by October off 1200 amid moderate volume; If selling rallies, the likely bear defense a move/close over $100.50; something encouraging: Wed. pork movement was heavy and yesterday’s not bad….prices getting to levels stimulating retail interest? We’ll see if consistent.

Kleist Comments

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

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