HOG MARKET NEEDS HEAT
U.S. cash hogs traded a little lower during the week and Chicago hog futures fell sharply
The general sell-off in commodities pressured futures, as did worries that a cool spring is delaying demand for pork chops, hot dogs and other cook-out meats.
Pork bellies, which are made into bacon, fell from $150 per hundredweight a few weeks ago to $125 last week, a 17 percent drop.
Warmer weather should spark the rally.
Iowa-southern Minnesota cash hogs traded steady at about $67 per cwt. after packers unexpectedly made purchases May 6. That’s down slightly from $67.50 April 29.
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The U.S. pork carcass cut-out value rose to $97.47 per cwt. May 6 from $93.31 April 29.
LAMBS EDGE LOWER
Beaver Hill Auction in Tofield, Alta., reported 212 sheep and 114 goats sold May 2.
Wool lambs lighter than 70 pounds were $215-$252.50 Cdn per cwt., 70-85 lb. were $225-$250, 86-105 lb. were $192-$206 and 106 lb. and heavier were $180-$196.
Wool rams were $61-$75 per cwt. Cull ewes were $55-$70.
Hair lambs lighter than 70 lb. were $195-$225 per cwt., 70-85 lb. were $200-$220, 86-105 lb. were $180-$200 and 106 lb. and heavier were $168-$184.
Hair rams were $60-$70 per cwt. Cull ewes were $70-$80.
Good kid goats lighter than 50 lb. were $145-$242.50. Those heavier than 50 lb. were $180-$242.50 per cwt. Nannies were $70-$98 per cwt. Billies were $100-$130.
Ontario Stockyards reported 1,084 sheep and lambs and 41 goats traded May 2. All sheep, lambs and goats sold actively at slightly lower prices.
