Hog futures rose for the first time in four sessions on signs of increasing demand for U.S. pork before the Independence Day holiday. Cattle also increased.
About 373,000 hogs were processed in the Iowa and southern Minnesota region in the week ending June 29, up 1.6 percent from a year earlier, U.S. Department of Agriculture data show. Tomorrow is the most-popular day in the U.S. for outdoor grilling, according to the Hearth, Patio and Barbecue Association.
“Everyone’s expecting better movement because of the Fourth of July,” Chad Henderson, a market analyst at Prime Agricultural Consultants Inc. in Brookfield, Wisconsin, said in a telephone interview.
Hog futures for August settlement gained 0.2 percent to close at 96.85 cents a pound at 12:12 p.m. on the Chicago Mercantile Exchange. The price fell 2.8 percent in the previous three sessions. The market will be closed tomorrow for the holiday.
Cattle futures for August delivery climbed less than 0.1 percent to $1.2195 a pound.
Feeder-cattle futures for August settlement added less than 0.1 percent to $1.5095 a pound.