Monday Morning Livestock Comments

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Cash fell $2-3 last week to $76 as we saw the packers hold the kill down to 663K which is down about 6% from last year in order to halt the falling cut-out values. It may be tough to get a rally going in the cash anytime soon even if weather stays nice. I still think that we will be hearing more on the Mad Cow/H&M issue. Afterall, they do need to find ways of selling newspapers. Friday's Cattle on Feed report looked a bit negative as total on feed came in at 103, placements at 89 and marketings at 91. April fats are down about $4 in 8 trading days and open intereest has dropped to about 10k. The technicians say we are oversold and need a bounce. The June charts had an inside day on Friday. A rally into the 72.50-73.00 area oughta hold things. On the other hand, a break into the 70.50-71.00 area should attract some buyers. Lack of deliveries on the April contract should be seen as neutral. Friday's cold storage show a decline in beef stocks which should be seen as friendly.

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