wmeubank@ocp.kcmo.com
ALLENDALE, INC.
4506 Prime Parkway, McHenry, Illinois
(October 31, 1997) HOGS: Cash markets were higher today as packer margins remain positive and hog supplies tighten at weeks end. Top prices paid today was 45.50 to 47.00. We will probably start out steady on Monday and then work lower as hog movement picks up. This pattern has been consistent during harvest. Hog weights have dropped 2's when compared to last years level. However slaughter was up 5.6% from last year. Seasonally cash hogs should be bottoming very soon. Futures historically are a buy on October 31. The December contract tested the downtrend channel resistance line on Thursday but wasn't able to close above it on Friday. The December futures closed down .75 for the week. Be prepared to begin trading the hog market from the long side.
Paul Georgy
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