Hog futures fell from the highest price since July on speculation that cooler weather later this week in the U.S. Midwest will slow demand for pork. Cattle also declined.
While temperatures across the Corn Belt may be 6 to 12 degrees Fahrenheit above normal for the next two days, the weather will be 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 close at 92.15 cents a pound at 1 p.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 declined less than 0.1 percent to $1.2255 a pound. Prices are down 1.5 percent this month, heading for the third straight decline.
Feeder-cattle futures for August settlement slipped 0.9 percent to $1.49875 a pound.