US Weekly Hog Slaughter Below Yr-Ago First Time Since May '07
KANSAS CITY (Dow Jones)--U.S. federally inspected hog slaughter this week dipped below the year-earlier figure for the first time since May 2007. The U.S. Department of Agriculture estimated the week's total at 2.296 million head, compared with 2.314 million a year ago. Market analysts said the decline in slaughter was likely the result of multiple factors. These include reduced imports of feeder pigs and slaughter hogs from Canada over the past few months, modest liquidation of breeding animals by some producers last winter and spring and possible pulling ahead of supplies in recent weeks.
ABEF Expects Brazil Chicken Exports To Grow 10% In 09-Report
SAO PAULO (Dow Jones)--Brazil's Chicken Exporters Association, or ABEF, expects Brazilian chicken exports to grow 10% in 2009 despite the global economic crisis, reported local financial newspaper Valor Economico on Friday. The market will continue to grow in 2009, helped by markets such as Hong Kong or the Middle East, Valor reported Abef President Christian Lobauer as saying.
STORIES OF INTEREST:
US Cattle Producer Groups Pleased With Justice Dept Suit
KANSAS CITY (Dow Jones)--U.S. cattle producer groups generally were happy with the U.S. Justice Department's decision this week to challenge JBS Swift & Co.'s (JBSS3.SA) proposed acquisition of National Beef Processors. In e-mailed press releases, the National Cattlemen's Beef Association, R-CALF United Stockgrowers of America and the U.S. Cattlemen's Association all said they were pleased that the DOJ's Antitrust Division saw fit to try blocking the proposal.
MARKET TALK: Dairy Group To Buy Out More Producers
1007 EDT [Dow Jones] - A group of dairy cooperatives is beginning efforts to conduct its second herd retirement program this year. Cooperatives Working Together said in a release that milk prices have fallen to their lowest level in 18 months, and the program is aimed at cutting production and strengthening prices going into 2009. This is the sixth herd retirement since CWT began in 2003. As it did earlier this year, this round offers bidding producers the option of including all their bred heifers for a flat fee of $1,225 per animal. All bids must be postmarked by Nov. 24. If a bid is accepted, the farmer is responsible for selling the cows for slaughter, and he or she retains the proceeds from that transaction.
THE MARKETS:
CME Livestock Review: Cattle Complex Slides; Most Hogs Weaker
KANSAS CITY (Dow Jones)--Chicago Mercantile Exchange live cattle and feeder cattle futures markets closed lower Friday, giving up on a post-opening rebound as traders lost faith in the ability of beef to compete with pork in troubled economic times. Lean hog futures closed mostly lower, but nearby and most active December posted a solid 1% gain on the day. Pressure was seen in all contracts at the outset from steep losses on Wall Street and spillover from near-limit declines in the cattle pits.
US Cash Cattle Midday: Only Isolated Clean-Up Trades Reported
KANSAS CITY (Dow Jones)--Only a few isolated clean-up trades were reported in the Plains fed cattle markets Friday. Most of those trades were said to be lower-quality cattle. Otherwise, the market was quiet. Market analysts and brokers said the week's trading appeared to be complete, with live-basis sales at mostly $90 per hundredweight and dressed-basis sales at $136 to $137. Most feedlot showlists got sold down to comfortable levels, although traders say some lots in eastern Nebraska still have cattle to sell.
US Cash Hogs Midday: Mostly Steady With Some Firm Undertones
KANSAS CITY (Dow Jones)--The Midwest direct hog markets Friday are reported mostly steady in light volume trading but there are some firm undertones found mainly in the western corn belt. Livestock dealers and market managers said advance bookings for next week at most packers are down slightly from recent weeks. They said one packer is reported to be well supplied into early November but that includes hogs imported from Canada.
Australian Cattle Mkt: Prices Mostly Fall On Large Supply
CANBERRA (Dow Jones)--Australia's beef cattle prices mostly fell this week, dented by large supply volumes and an overall mixed quality of available cattle, marketing concern Meat & Livestock Australia Ltd. reported Friday. National yardings rose 1% compared with last week. The slow export market, despite the lower Australian dollar exchange rate, is also hampering physical markets, MLA said.
-By Curt Thacker, Dow Jones Newswires; 913-322-5178; curt.thacker@dowjones.com
(END) Dow Jones Newswires