Kleist Comments

MORNING MEATS 8/29/13
MORNING MEATS 8/29/13

CATTLE: Cash cattle last week $124.00-$125.00 (bulk) dressed $197 (bulk)-$198.00 Neb.; on 138 boxed loads cut outs: choice up. $.19 at $196.28, select dn. $1.24 at $184.40 on light/moderate demand. Carcass Equivalent: $183.48 up. $.11.

COMMENTS: Weekly beef export sales jump sharply to 23,2100t led by Asia at 16,700t of it…maybe they are having a late season BBQ? Otherwise, U.S. packers are not yet biting for higher money but at least steady-money likely at hand; weather looks good for the holiday weekend and with it perhaps some ‘extra’ grilling lost in spring. Open interest little changed amid light/moderate volume; maintaining bull defense (-$126.27) and nearby upside objective $127-128.00.

***AUGUST FEEDERS EXPIRE**********************

HOGS:

Interior cash hogs yesterday lower at dn. $.53/$1.54, rough avg. $87.65; cut outs dn. $1.65 @ $96.93; lean index as of 08/26 @ $96.01 dn. $.97.

COMMENTS: Cash hogs likely weak again, even though packer accounting was improved from dn. +$5.00 to ‘only’ off $1.65 after some adjustments to hams and bellies. A large liquor store chain has declared August 31st “National Bacon Day” with bacon-themed cocktails and sponsored by Stone’s Bastard Ale reportedly; weekly pork exports rose to 12,600t led by Mexico at 6,700t; open interest little changed in total and individually amid light volume. October prices roughly mid-range and no opinion change.

Kleist Comments

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

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