Hog prices fell for the first time in four days as animal weights increased and the dollar rebounded, diminishing the appeal of U.S. meat exports. Cattle dropped, capping the second straight weekly decline.
In the week ended Oct. 30, hogs in Iowa and southern Minnesota, the largest U.S. producing region, weighed 2.1 percent more on average than a year earlier, signaling increasing pork supplies. The greenback rose as much as 1 percent against a basket of major currencies.
“Weights are above a year ago,” said Christian Mayer, a market adviser at Northstar Commodity Investments Co. in Minneapolis. “A lot of product on the market” is pushing prices lower, he said.
Hog futures for December settlement fell 0.675 cent, or 1 percent, to settle at 66.95 cents a pound at 1:06 p.m. on the Chicago Mercantile Exchange. The price, up 1.1 percent this week, has gained 18 percent in the past 12 months.
Cattle futures for December delivery fell 0.1 cent, or 0.1 percent, to settle at 97.55 cents a pound. The price dropped 1.3 percent this week and 2.8 percent last week. In 2010, the commodity has climbed 13 percent.
U.S. exporters sold 10,933 metric tons of beef in the week ended Oct. 28, down 45 percent from a week earlier, government data show. At midday, wholesale-choice beef fell 0.4 percent to $1.5843 a pound, the lowest level in two weeks.
Beef-export sales were “disappointing,” Mayer said. “Cutouts were down yesterday. Movement has been slow.”
Feeder-cattle futures for January settlement rose 0.375 cent, or 0.3 percent, to $1.10775 a pound.