Hog futures fell from the highest since July on speculation that the outlook for cooler weather later this week in the U.S. Midwest will slow demand for pork. Cattle gained.
While temperatures across parts of the Corn Belt may be 6 to 12 degrees above normal for the next two days, the weather is projected to turn cooler than normal by mid-week, with areas in the western Midwest 15 to 20 degrees below normal by May 3, Joel Widenor, the vice president of agricultural services at Commodity Weather Group LLC in Bethesda, Maryland said in a telephone interview.
“We might have had a good grill last week, but I don’t think it’ll be very good this week,” Mark Schultz, the chief analyst for Northstar Commodity Investment Co. in Minneapolis, said in a telephone interview. “It doesn’t look very promising for grilling out, at least in the Midwest.”
Hog futures for June settlement fell 0.4 percent to 92.125 cents a pound at 11:40 a.m. on the Chicago Mercantile Exchange, after touching 93.075 cents, the highest for a most-active contract since July 9.
Cattle futures for June delivery added 0.1 percent to $1.22775 a pound. Prices were down 1.4 percent this month through April 26, heading for the third straight decline.
Feeder-cattle futures for August settlement slipped 1 percent to $1.4965 a pound.
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