wmeubank@ocp.kcmo.com
ALLENDALE, INC.
4506 Prime Parkway, McHenry, Illinois
(November 14, 1997) HOGS: Continuing large movement at high weights coupled with higher demand for the week painted a mixed picture for the pork complex. Buyers have been getting available supplies before the winter weather affects transportation. Iowa based producers have reported up to 3 inches of snow. USDA estimated slaughter remains high at 360,000 for Friday versus 316,000 last year and 100,000 for Saturday from last week's 97,000. Some traders feel the union trouble with two plants of Canada's Maple Leaf Foods may put pressure on our markets. Even if they close the two plants, most of the excess supplies will be handled by other Canadian plants that plan on adding extra shifts. Cash gained up to 1.00 higher again as hogs are sought for Saturday slaughter. #2 Cutouts rose .44 to 65.08. Bellies and loins remained steady as there was no test for other categories. Futures have been waiting impatiently for a seasonal bottom on which to start a slow rebound. April rose .67 on spreading with December finding only .22. Bellies dropped 1.70 in the last half hour of trading totaling a 2.52 drop for the February contract on concerns over high production with falling demand from holiday pressure.
Rich Nelson
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