Cincinnati Live Stock Market Report Summary
Cincinnati livestock prices show cattle 1,500 head and calves 150 head with slaughter steers and heifers weak to 50 lower, cows about steady, bulls weak to 50 lower. Steers 900-1,000 lb average 26.50-27, good 850-950 lb heifers 25.50, No. 1-3 hogs around 200, 180-240 with 15.75-16.35 daily. Sheep slaughter lambs steady, ewes 5.1.
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More Steel Inventory Cutbacks Seen In May
Steel Consumers will cut back on inventory in May more than April with shipments 10 to 15 percent lower. General Motors Corp expects 5 to 10 percent reduction in May orders, with larger inventory adjustments not before September. Backlogs shrank by about one third in four weeks. April shipments were 5 percent under March. Ingot production last week estimated at 2.1 million tons, nearly 14 percent below the prior month. March tonnage was 10.8 million, April about 44 million. Composite scrap price fell $1 per gross ton to 30.33 after prior stability. Prospects for scrap market upturn are dim.
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