Kleist Comments

MORNING MEATS 8/29/14
MORNING MEATS 8/29/14

CATTLE: Cash cattle last week: $152.00-155.50; on 148
boxed loads cut outs lower @ dn. $.52 @ $246.89(c), dn.$2.33 @ $235.27 (s) on good demand; Carcass Equivalent: $228.91 dn. $.56.
COMMENTS: We bid goodbye to the August contract today and what fun it was. Right. As we turn to coming spot month October, it’s likely the fun will continue considering finding ‘value’ will be Challenging. Futures suggesting we found it apparently, I of course am leery. Nonetheless, October closed over my near tern bear defense of $150.00 an as such neutral for now. Open interest little changed amid decent volume.

HOGS:
Interior cash hogs lower @ dn. $1.26(W), N/E (E): rough avg. $N/A. Pork cut outs fell $3.56 @ $98.63 Lean index 08/26 @ $100.34 dn. $1.57.

COMMENTS: Not seeing open interest supporting a major move higher but lost bear equity nonetheless evaporating; close over $96.52 likely bear defense to turn near term neutral still. In other news: eggs set last week up 2% and broiler placements up 2%; open interest little changed in total amid light-side volume.

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.