wmeubank@ocp.kcmo.com
ALLENDALE, INC.
4506 Prime Parkway, McHenry, Illinois
(August 15, 1997) CATTLE: Friday was a stand around day in the cattle pits at the Merc. Traders were waiting for the Cattle on Feed report. The cash trade was quiet with bids and offers 1.00 apart. The USDA released the weekly Meat Production report which showed live weights up 4 lbs. heavier than last week and dressed weights were 7 lbs. heavier than last year. The COF report put cattle on feed at 119% of a year ago, placed during July at 118% and marketed during July at 109%. This should cause futures to open .50 to 1.00 lower with the deferred contracts getting the most pressure. The report suggests that the cheap corn prices and the premium the back months of live cattle futures justified putting cattle into feedlots. Corn prices may find support due to this report.
Paul Georgy
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