Hog futures tumbled to the lowest in more than a week on slowing overseas demand for U.S. pork amid expanding supplies. Cattle prices also fell.
Export sales of pork totaled 7,064 metric tons (15.57 million pounds) in the week ended Aug. 15, down 17 percent from a week earlier, Department of Agriculture data showed today. Meatpackers processed 1.7 percent more hogs in the first three days of this week than a week earlier. Wholesale pork dropped 2.2 percent to 99.57 cents a pound yesterday, the biggest loss since July 10.
"The exports have really been sluggish," Dennis Smith, a senior account executive at Archer Financial Services Inc. in Chicago, said in a telephone interview. "The hog numbers are increasing, and slaughter has really expanded."
Hog futures for October settlement dropped 0.9 percent to 85.025 cents a pound at 10:58 a.m. on the Chicago Mercantile Exchange, after reaching 84.95 cents, the lowest for the most- active contract since Aug. 12.
Cattle futures for October delivery declined 0.4 percent to $1.274 a pound in Chicago.
Feeder-cattle futures for September settlement slid less than 0.1 percent to $1.57625 a pound.