U.S. HOG PRICES FALL
Cash hogs in the U.S. Midwest traded steady to $1 per hundredweight lower July 8 as supplies remain tight and export interest solid, dealers said.
Packers were well-bought for last week and this, which held pressure on prices.
Export interest is generally holding together well during this window of seasonally tight supplies and holiday reduced slaughter.
The average pork plant profit margin on July 8 was estimated at-65 cents per head compared with -$2.15 on July 7 and -$8 the previous week, according to HedgersEdge.com.
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The U.S. Department of Agriculture estimated on July 7 that the average pork cutout was down 85 cents at $96.59 per cwt.
It also estimated July 7 that slaughter was 417,000 hogs compared with 401,000 the previous week and 409,000 a year ago.
Iowa-southern Minnesota cash hogs delivered to plants fell to $70 US per cwt. from $71 June 30.
The U.S. pork carcass cut-out value rose to $97.15 July 8 from $96.53 June 30.
The U.S. federal slaughter estimate was 1.730 million, down from 1.945 million the previous week.
SHEEP STEADY
Ontario Stockyards Inc. reported 951 sheep and lambs, and 46 goats traded July 4.
Lightweight, well-finished lambs sold steady, and others were barely steady to lower.
Sheep and goats sold steady.
