Kleist Comments

MORNING MEATS 8/23/13
MORNING MEATS 8/23/13

CATTLE: Cash cattle last week $123.00-$125.00; on 97 boxed loads cut outs: choice up. $.38 at $195.84, select up. $.84 at $185.28 on light demand. Carcass Equivalent: $182.41 up. $.22.

COMMENTS: Cold Storage report slightly friendly here; cattle on feed this afternoon; heard a few trades in Nebraska at $200.000 dressed late yesterday; open interest little changed in total and individually amid light-side volume….no significant long liquidation; should see support $127.00-126.50, if charts forming a ‘rounded top’ the likely bull defense a close under $126.27 (straight $125.92) for a trading turn.

HOGS:

Interior cash hogs yesterday mixed at dn. $1.82/up $.56, rough avg. $91.40; cut outs up. $.60 @ $98.90; lean index as of 08/21 @ $99.43 dn. $.80.

COMMENTS: Cash hogs mixed as we end the week that saw interior prices fall from $96.00 to $90.00 roughly. October hogs had a very slim chance of holding its major m/a’s early yesterday but could not as open interest fell 6,605 on fund liquidation. Cold Storage report slightly negative but after recent losses well built in; of interest though chicken stocks up on month and year for a little added competition at retail perhaps; October hogs now entering its July lows at $84.00-83.00 and with a weekend here might be able to hold, too oversold to press the short side?

Kleist Comments

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

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