Sept. 17 (Bloomberg) -- Hog futures declined the most in more than three weeks on signs of increasing U.S. pork supplies and slowing demand. Cattle also fell.
Wholesale pork slumped 1.5 percent to 96.71 cents a pound yesterday, the biggest drop since Aug. 30, government data show. Meatpackers processed 863,000 hogs yesterday, up 1.9 percent from a week earlier, according to U.S. Department of Agriculture estimates.
"Everyone is concerned about the numbers," Chad Henderson, a market analyst at Prime Agricultural Consultants Inc. in Brookfield, Wisconsin, said in a telephone interview. "Slaughter numbers are up significantly. A big concern is we’ve got the weaker-product market to start off the week."
Hog futures for December settlement fell 1.1 percent to close at 87.525 cents a pound at 1 p.m. on the Chicago Mercantile Exchange, marking the biggest decline for the most- active contract since Aug. 22.
Cattle futures for December delivery slid 0.4 percent to $1.2865 a pound on the CME. The contract is down 5.3 percent this year.
Feeder-cattle futures for October settlement dropped 1 percent to $1.57875 a pound.
--Editors: Thomas Galatola, Millie Munshi
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