PROFIT TAKING hits HOGS
Profit taking amid mixed cash hog prices and flat wholesale pork values pulled down CME hogs, traders and analysts said.
Some packers appeared to have all the hogs they need heading into the weekend with others buying supplies for early next week.
Iowa-Southern Minnesota hogs traded steady at about $74 per hundredweight delivered to packing plants Aug. 9, while they traded at $74.50 Aug. 2. The estimated pork cut-out value was $105.50 Aug. 9 up from $104.02 Aug. 2.
Estimated weekly U.S. slaughter to Aug. 10 was 1.998 million, up from 1.984 the previous week. Last year’s total was 2.007 million.
The Canadian Bison Association said prices continue to remain steady. Grade A bulls in the desirable weight range averaged $3.50 Cdn per pound hot hanging weight with some sales to $3.70.
Grade A heifers sold at $3.45 with some sales to $3.55.
Those outside the desirable buyer specifications may be discounted.
Ontario Stockyards Inc. reported 1,546 sheep and lambs and 146 goats traded Aug. 1. All classes of sheep and lambs sold steady to higher. Goats held firm.