wmeubank@ocp.kcmo.com
ALLENDALE, INC.
4506 Prime Parkway, McHenry, Illinois
(November 14, 1997) CATTLE: Cattle on feed, how does it affect you? Generally, it's a bearish report for the nearby contract. 7 state on feed 110, placement 96, marketings 107. Lower marketings than last month's 114 are highlighted. Current production with high weights, are up 3.3% YTD from last year, and slaughter is down 1.5% YTD from last year. USDA average steer weights from Kansas are at 1226 lbs, up 11 lbs from last week, and up 24 lbs. from a year ago. USDA estimated slaughter was pegged at 130,000 versus 129,000 one year ago. Saturday's est slaughter is said to be 21,000 versus 39,000 a week ago. Cold weather concerns did help the Dec contract today. We'll all watch the weather in the Plains these next few weeks. Boxed beef was mostly lower for all categories. The CME Feeder Cattle Index fell .29 to 67.79. Futures gained from the start for the nearby cattle contracts on weather concerns and speculation on the C-O-F report released at 2pm CST. Feeders gained on the weak corn trade. There is up trending support for the January contract which closed near the 50% retracement mark from the high of September 15.
Rich Nelson
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