wmeubank@ocp.kcmo.com
ALLENDALE, INC.
4506 Prime Parkway, McHenry, Illinois
(November 24, 1997) HOGS: Dropping 1.00 to 2.00 lower in cash trade, many packers have found themselves with a flood of hogs for market and a slower holiday slaughter ahead. The estimated USDA Saturday slaughter was revised from 118,000 to 123,000. USDA hogs purchased for slaughter shows a 10% increase in total weight for barrows and gilts and a 24% increase in total weight purchased for slaughter for sows. That's a 15% total weight increase in one week. The seasonal trade for December hogs discussed last week hasn't hit the entry point yet. USDA estimated slaughter came to 364,000 versus last year's 360,000. Hams dropped 2-5 while others weren't tested or remained steady. Lean hog futures have started a downtrend with the crossing of 10- and 20- day moving averages. February hogs failed to close below contract lows of 60.30. April fell .85 and has broken it's consolidation and may become over sold soon. The 14-day RSI is at 37 for April. Bellies continued it's stair-step downtrend with a 2.90 drop in the February contract, a 2.87 loss in March, and a limit-down close in April.
Rich Nelson
Hogs
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Cattle
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