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storage holdings of pork November 1 were 19 percent below a year earlier.
Market hog prices moved up into record high levels in September and early October but dipped sharply from early October to the first of November. Price declines were generally precipitated by lower beef prices, some seasonal increase in weekly hog slaughter rates, the sodiumnitrite issue and increased broiler supplies.
Retail prices of pork reached record levels in mid-October. Consumer demand was good until recently because of the short supplies in spite of high prices. Retail prices have adjusted downward reflecting a response to the factors mentioned earlier.
Lower corn prices have about compensated for the drop in hog prices. This has held the hog-corn price ratio around the 20.0 level, highest since mid-1973.
Hog prices last Thursday in Peoria were $52.50-54; Indianapolis, $53-53.50; St. Louis, $52.5053; Richmond, $51; and Southeast Virginia, $50.75-52.25.□
94.8%