Evening star., 1932-07-17
LIVE STOCK PRICES
REGISTER SETBACK
Market Shows Evidence of
Topheavy Condition After
Heceat Advances.
BY FRANK I. WELLER,


Initiating the hog market of a week
ago, cattle bumped into a headwind on
Thursday which knocked all the bloom
OH four weeks Of sensational price climb
ing.
Closing values were 25 to so cents
over week ago, and the top of S940
was almost half a doller on the hun
dred pounds better and the highest
since January. But weakness on We'd
neSday after an initial session giving
fed steers and yearlings about the big
gest single days advance of the current
upturn interrupted the bullish wave and
gave the market evidence Of topheavi-
ness.
Dressed Market.
1t seemed the market had risen too
fast for its own coed and had to settle
down to catch its breath. Price leaps
and bounds somehow or other were not
bringing out the beef. Either the coun-
try was not taking advantage Of the
rise or else the cattle were not to be
had.
Some in the trade said it was both
that there is a shortage of weIl-fnished
cattle and that feeders are holding
back for the still higher prices which
they believe to be in sight
In the meantime the dressed market
is having hard time to keep abreast
the increase in live costs. Intense heat
throughout the country set it back
again just as it was about to catch up,
and since beef Is not moving into con-
sumner channels as it was some predicted
further sag in prices.
That, cattlemen consider is not very
promising for their market, and since
current values are fairly satisfactory
to producers and fnisherS alike. many
would not be surprised to see the coun-
try let go if it appears the advance
has been checked Many of the steers
that went out last Fall and this Spring
are bringing more than SO to the 100
pounds over original costs-frequently
$3.50 and more. The top on one session
this week got up to S9.75, apparently
against the will Of some of the bigger
buying interests.
Cattle were due for a seasonal rise
and prices were so low it Was not hard
for the increase to come fast. Now,
some wonder just how much they re-
fleet this normal movement and how
much an improvement in basic eco
nomic conditions.
Hogs have been unable to beat back
the pressure put against their gallop to
high ground Mondays opening brought
new high levels. but prices Immediately
slipped off 35 to so cents to leave the
market generally 25 cents under week
ago at Chicago.
The break started on slight increase
in receipts and developed on a sizeable
run as holders scrambled to unload be-
fore the dip. At the same time the
fresh pork market started to back away
from the high range reached on the ab-
rupt advance, and the hot weather
added to the burdens until the trade
became semi-demoralized.
Mondays top of s5.55 fell away to
$50 with the bulk of 180-240-pound
offerings going from $50 down to
s495. Receipts at the II markets were
almost 40 per cent larger than the
three-day quota up to Thursday last
week. There was a noteworthy in
crease in the percentage CT packing
sows in the run. Some estimatedit as
33 to 40 per cent Of the total, and on
some days so per cent.
Last weeks fighty advance was
knocked clear cut of the lamb market
at Chicago as prices zoomed down 81
under expanding receipts and unwe.ldv
carcass supplies al the Atlantic sea
board, which temporarily padlocked
shipping orders. Bugle call prices Of
81 to $3.50 a week ago showed under
the markets, the Chicago receipts show
ing an increase of 100 per cent.