Hog futures declined for the second straight day on speculation that demand for U.S. pork is weakening. Cattle prices also fell.
Spot hogs fell 0.3 percent to 74.02 cents a pound yesterday, the lowest price this week, U.S. Department of Agriculture data show. Meatpackers processed 1.269 million hogs in the first three days of this week, down 1.1 percent from a week earlier, government data show. Wholesale pork prices are down 4.8 percent this year, USDA data show.
“I’m not hearing very good things on product” demand, which “is still really sluggish,” Jason Golly, a vice president of risk-management marketing at Lynch Livestock Inc. in Waucoma, Iowa, said in a telephone interview.
Hog futures for June settlement fell 0.7 percent to 89.45 cents a pound at 10:03 a.m. on the Chicago Mercantile Exchange. The contract is down 2.2 percent this month.
Cattle futures for April delivery slid 0.2 percent to $1.28275 a pound in Chicago. Feeder-cattle futures for May settlement declined 0.6 percent to $1.4365 a pound.
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