Hog futures gained for the third straight day on signs of climbing demand for U.S. pork as purchases increase after the holidays. Cattle prices dropped.
Yesterday, wholesale pork jumped 2 percent to 83.1 cents a pound, the biggest gain since Oct. 4, and meatpackers slaughtered 433,000 hogs, up 0.9 percent from a week earlier, U.S. Department of Agriculture data showed.
“The market is supported by the tighter supplies near term” and the higher wholesale price, Don Roose, the president of U.S. Commodities Inc. in West Des Moines, Iowa, said in a telephone interview. “You’ve got post-holiday buying” after Christmas and New Year’s, he said.
Hog futures for February settlement rose 0.4 percent to 86.75 cents a pound at 9:53 a.m. on the Chicago Mercantile Exchange. The price gained 0.8 percent in the two previous days.
Cattle futures for February delivery fell 0.2 percent to $1.33525 a pound.
Feeder-cattle futures for March settlement climbed 0.4 percent to $1.555 a pound.
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