Kleist Comments

MORNING MEATS 8/28/13
MORNING MEATS 8/28/13

CATTLE: Cash cattle last week $124.00-$125.00 (bulk) dressed $197 (bulk)-$198.00 Neb.; on 122 boxed loads cut outs: choice up. $.29 at $196.091, select up. $1.50 at $185.64 on light/moderate demand. Carcass Equivalent: $183.37 up. $.05.

COMMENTS: Not much to say here that’s fresh. Weather current and on the upcoming holiday weekend seems conducive to meat demand in general but that’s about it. Open interest little changed in total amid light volume explains the uncertainty best.

HOGS:

Interior cash hogs yesterday lower at dn. $1.00/$1.61, rough avg. $88.75; cut outs up $.11 @ $98.13; lean index as of 08/26 @ $96.01 dn. $.97.

COMMENTS: Cash hogs likely under pressure especially after an Enron-like accounting trick midday yesterday which had cut outs up nearly $4.00 only to end up $.11cents (guess bellies were NOT worth up $18.00 after all. I/M wts. not seeing new corn yet? 271.6lbs. dn.4 though up 3.0lbs. on the year; open interest rose 3,156 led by the October up 1,833…new selling on about a 50% technical correction?…volume light-side.

Kleist Comments

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

Disclaimer: Trading options and commodities involves risk of loss and my not be for every investor. Past trading results may not be indicative of future performance. Although information and opinions provided herein are compiled from sources believed reliable, the sender, EBOT Trading, or its principals cannot attest as to accuracy or assume any responsibility for any errors or omissions as the information may not be complete or events may have changed.