Hogs: One negative factor for pork in recent months has been sharply lower prices on boneless chicken breasts, the premium chicken product. The chicken industry has finally responded to these concerns. Egg sets in the latest week are as much as 4% under previous year levels. Starting in mid-July, chicken production will begin to tighten. Last week’s egg set number will affect chicken slaughter, and therefore prices, in the third week of August….Rich Nelson
Cattle: Even though May marketings (cattle leaving feedlots) were large, it still did not clean up the main problem. We have a good deal of cattle lined up for slaughter from mid July through August to deal with…Rich Nelson
Rich Nelson is Director of Research at Allendale, Inc. in McHenry, IL. Allendale is registered with the CFTC and NFA and is a member of the NIBA. www.allendale-inc.com.