May 19, 2004

US Pork Demand Supporting Higher Hog Prices

Cash hog prices continue to appreciate, while there is some pressure on cattle.

Cash hogs are called steady to $0.50 higher on Tuesday, thanks to another round of sharply higher pork sales that saw the carcass value jumping by more than a dollar. On the other hand, there seemed to be an increase in offerings Monday, so more ample country supplies could give packers a little leverage.

Cash cattle prices could be as much as $2 lower this week, but trade may not develop before Wednesday or later. Both cutouts and futures were lower Monday, prompting lower asking prices on this week's showlists.