Jul 28, 2014
Home| Tools| Events| Blogs| Discussions Sign UpLogin

Cattle Advance, Hogs Gain Most in 5 Months

August 6, 2013
feedlot cattle 10 Kansas 532
  
 
 

 Hog futures surged the most in almost five months Monday on signs of improved demand for U.S. pork as supplies of animals tighten. Cattle also advanced.

Wholesale-pork prices jumped 4.5 percent last week to the highest since July 9, capping the biggest weekly rally since June 14, U.S. Department of Agriculture data show. Meat processors slaughtered 0.9 percent fewer hogs than the same week a year earlier, and U.S. exporters sold 11,000 metric tons of pork in the week through July 25, up from 8,000 a week earlier, according to the USDA.

"Production will be low this week" and pork prices "will keep going higher," Dennis Smith, a senior account executive at Archer Financial Services Inc. in Chicago, said in a telephone interview. "Demand for pork is pretty good at this point, and under these production levels, demand will outstrip supply."

Hog futures for October settlement advanced 1.8 percent to close at 85.5 cents a pound at 2 p.m. on the Chicago Mercantile Exchange, the biggest gain since March 7.

Cattle futures for October delivery rose 0.1 percent to settle at $1.2455 a pound on the CME. On Aug. 2, prices touched $1.241, the lowest for a most-active contract since July 9.

Feeder-cattle futures for September settlement were unchanged at $1.57 a pound, after fluctuating between gains and losses.

See Comments

RELATED TOPICS: Beef, Hogs, Cattle

 
Log In or Sign Up to comment

COMMENTS

No comments have been posted



Name:

Comments:

Receive the latest news, information and commentary customized for you. Sign up to receive the AgWeb Daily eNewsletter today!.

 
 
Enter Zip Code below to view live local results:
bayer
 
 
The Home Page of Agriculture
© 2014 Farm Journal, Inc. All Rights Reserved|Web site design and development by AmericanEagle.com|Site Map|Privacy Policy|Terms & Conditions