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Source: Allendale, Inc. news release

April Placements are expected to be 6.1% lower than last year. USDA's cattle feeding margin ended the month with $216 per head profits on outgoing cattle. This strong incentive for heavy placements was curtailed by available feeder supplies. Corn averaged $5.02 in Western Kansas in March ($4.85 in March, $6.72 in April 2013). April placements help supply the September through November slaughter period.

Allendale anticipates a Marketing total 2.2% lower than April 2013. There was no calendar day adjustment this month.

Total Cattle on Feed as of May 1 now totals 1.2% under last year. There will be a bulge in slaughter on a year over year basis in June and July followed by a return to below last year levels.

Allendale projects a 563 million lb. total pork stock level for the end of April. The five year average is 601 million lbs. for the end of April. Our estimate represents a decrease of 12 million lb. from the previous month.

The five year average month to month change for April is a 13 million lb. increase. Beef stocks, at 398 million lbs., are above the five year average of 450. This month's number represents a 7 million lb. drawdown from the previous month. The five year average change is a 4 million lb. decrease.

Pork Belly stocks are estimated - in million pounds while Cattle on Feed is estimated as a percentage compared to last year.

USDA Cattle On Feed Report for release on 5/16/2014 @ 2:00 PM

On Feed May 1 ... 98.8
Placements ... 93.9
Marketings ... 97.8

USDA Cold Storage Report for release on 5/22/2014 @ 2:00 PM

Last Year ... Last Month ... ALLENDALE
Pork Stocks April 30 ... 700.977 ... 575.223 ... 562.978
Beef Stocks ... 510.129 ... 404.754 ... 397.875

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