wmeubank@ocp.kcmo.com
ALLENDALE, INC.
4506 Prime Parkway, McHenry, Illinois
(October 20, 1997) HOGS: Packers margins a have slipped in the last few days as pork cutout vales continue to decline. The concentration on fieldwork by producer had packers scrambling to by hogs for Saturday's slaughter. Pork production was up 3.8% from same period last year. Hog weights were up 1# from last week. Cash is called steady for Monday but this late week rally in prices should bring some hogs to market. We are in the middle of a harvest market with above normal supplies. Demand is very slow on the export front and the U.S./Japan trade relation problems is no help. Another factor that I have mentioned from time to time is the value of the U.S. Dollar compared to the yen, our products are higher priced on the world market today than a year ago. Futures remain in a down trend and rallies are being sold. The positive in all of this is seasonally we should be making lows in the next few week.
Paul Georgy
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