Hog futures jumped the most in a week on signs that U.S. pork demand is climbing. Cattle prices advanced.
Through yesterday, the wholesale price of ham jumped 38 percent this year, and pork climbed 16 percent, U.S. Department of Agriculture data showed. Both products headed for the biggest annual gain since 2009.
“Demand for pork has been exceedingly good,” David Kruse, the president of CommStock Investments Inc. in Royal, Iowa, said in a telephone interview.
Hog futures for December settlement rose 1.5 percent to 88.8 cents a pound at 11:02 a.m. on the Chicago Mercantile Exchange. A close at that price would mark the biggest increase for a most-active contract since Oct. 15.
Cattle futures for December delivery climbed 0.6 percent to $1.32675 a pound. Yesterday, the wholesale price of beef rose to the highest since June 24.
Feeder-cattle futures for January settlement advanced 0.5 percent to $1.6725 a pound.
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