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The combination of lower corn prices and higher hog prices is producing a hog-corn ratio about double that of last year. Resulting plans for expansion will cause a hold back of animals for breeding, thus contributing to the shorter supply of animals for market. Hog growers should finish their animals at maximum acceptable weights.
Hog prices last Thursday in Peoria were: $26.50-$27.75; Indianapolis, $26.50-$27.50; St. Louis, $26.75-$27.50; Richmond, $26.00-$26.50; and Southeast Virginia, Grains 1 to 3, $25.00-$26.25.
SLAUGHTER CATTLE
In spite of larger cattle numbers in feed lots, beef prices have increased since mid-April and with strong consumer demand, no appreciable weakness is expected.
The total supply of red meat is about the same as a year ago, and the decrease in pork supplies has offset the increase in beef to bring about a balance between total supplies and demand. Cattle slaughter during April and May was higher than a year ago, while May 1 cold storage holdings of beef is about the same as last year, but 22 per cent below two years ago.
Cattle on feed in six reporting states (which account for two-thirds of the total) was up 9per cent as of May 1. Based on numbers now on feed, marketings of fed cattle between April 1 and June 30 are expected to increase by 6 per cent.
The cattle market last Wednesday in Omaha closed with choice steers bringing $35.50-$36.50; good steers, $32.00-$35.00; choice heifers, $35.00-$36.25; and good heifers, $30.50-$34.50. Cattle at Virginia auctions last week brought the following prices: good steers, $29.50$32.25; standard steers, $28.00-$34.00; good heifers, $29.00-$32.50; and standard heifers, $26.00-$31.00. □
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