Hog Futures Drop for Second Day on Supply Gains; Cattle Slides
Hog futures declined for a second day on signs of increasing animal supplies. Cattle also fell.
Slaughter estimates for the week ending tomorrow rose 0.4 percent to 2.283 million head from a week earlier, according to Urner Barry, a Bayville, New Jersey-based provider of agriculture data and livestock news. Official estimates for livestock supply, demand and cash prices from the U.S. Department of Agriculture were suspended during a 16-day government shutdown that started Oct. 1.
Hog futures for December settlement fell 0.6 percent to 87.9 cents a pound at 11:31 a.m. on the Chicago Mercantile Exchange. Prices dropped 0.4 percent yesterday.
Cattle futures for December delivery decreased 0.1 percent to $1.317 a pound. Yesterday, the price touched a nine-month high of $1.34.
Feeder-cattle futures for November settlement declined 0.2 percent to $1.66325 a pound.
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