wmeubank@ocp.kcmo.com
ALLENDALE, INC.
4506 Prime Parkway, McHenry, Illinois
(December 12, 1997) CATTLE: Trade occurred at 65.00 in some areas while lots held out for 66/67. Some expect 65 for next week. USDA estimated slaughter at 131,000 versus 136,000 last year while Saturday slaughter is forecast at 27,000 versus last year's 34,000. Boxed beef was down .31 to .90 for all categories while carcass equivalent fell .98 to 1.57 for all categories.
THE SITUATION–Yes, current production is down 6% from last year but slaughter has fallen 9.6%. Weights have increased to 11.92 from 1158 according to USDA Red Meat Under Fed Inspection. Reality hit the futures and dropped nearby's 1.05 to 1.40. Feeders may be confirming a possible bearish double top which projects to 76.35 in the January and 70.10 for April.
Rich Nelson
Hogs
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Cattle
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