Livestock review: Fundamentals pressure hogs
US Retail Meat: Tight Turkey Supplies Spark Grocer Concerns
KANSAS CITY (Dow Jones)--Holiday turkey supplies appear to be tight this year, and wholesale prices are up, but grocers may not be able to pass along their higher costs to consumers. "I don't think consumers will have to dig any deeper [than last year for their holiday turkeys]," said Russ Whitman, vice president of Urner Barry's poultry division. Urner Barry is a private price-reporting firm. "Grocers will just have to suck it up."
Fresh Pork Belly Prices Drop As BLT Season Wanes, Demand Slows
KANSAS CITY (Dow Jones)--What goes up must eventually come down, and that is true for fresh pork belly prices after a run-up during the last half of the summer to multiple new highs. Fresh belly prices have declined by $5 to as much as $11 per hundredweight so far this week from the $160 record highs hit last week. On Wednesday, the U.S. Department of Agriculture quoted 14- to 16-pound bellies at $149 to $155, with the weighted average price at $151.50. A year ago at this time, they were quoted at $70.
Senate Panel Backs New Penalties For Food Safety Crimes
WASHINGTON (Dow Jones)--A U.S. Senate panel Thursday signed off on a bill that would beef up criminal penalties for companies and people that knowingly violate food-safety standards. The measure was seen as a possible addition to a broader food-safety measure backed by consumer advocates and certain industry groups that would give the Food and Drug Administration the power to order recalls of contaminated food and test for tainted products.
CME Livestock Review: Fundamentals Pressure Hogs
CHICAGO (Dow Jones)--Chicago Mercantile Exchange hogs futures Thursday closed lower on bearish market fundamentals. Floor-traded CME live cattle ended steady to weak on spreading. Some in the pit were also skittish about a possible cattle supply buildup moving forward based on last Friday's USDA cattle-on-feed report. Feeder cattle closed mostly firm on short covering.
US Cash Cattle Midday: No Bids, Offers Coming From Plains
KANSAS CITY (Dow Jones)--Brokers and market analysts Thursday reported no bids or offers in the Plains states fed cattle markets. There weren't even any inquiries about selling cattle from next week's showlists, one broker said. Buyers and sellers appeared to be content to await next week's market developments before making further trading decisions. Cattle sold this week at mostly $98 per hundredweight on a live basis and mostly $154 on a dressed basis.
US Cash Hogs Midday: Steady To Lower; Plants Nearly Full
KANSAS CITY (Dow Jones)--The Midwest direct hog markets Thursday are trading steady to lower with most plants nearly full for the week. The bids are mainly for deliveries next week, so the buyers are bidding cautiously, said livestock dealers and market managers. Analysts said some packers are also concerned about wholesale pork prices possibly trending lower the balance of the week and into next week.