Hog futures fell the most in four weeks on signs of slowing demand for U.S. pork. Cattle was unchanged.
U.S. pork exports in June fell 7.4 percent to 398.9 million pounds (180.94 million kilograms) from May’s 430.6 million, and were 1 percent lower than a year earlier, U.S. Department of Agriculture data show. Meat packers processed 1.2 million hogs in the first three days this week, up 2.8 percent from last week and 1.5 percent from a year ago, according to the government.
“Pork exports were not as good as we expected them to be, and slaughter numbers are starting to catch up,” Paul Beere, a grain and livestock advisor at Prime Agricultural Consultants in Brookfield, Wisconsin-based company, said in a telephone interview.
Hog futures for October settlement slid 1.8 percent to close at 84.925 cents a pound at 2 p.m. on the Chicago Mercantile Exchange, the biggest drop since July 8 and the first decline in more than a week.
Cattle futures for October delivery closed unchanged at $1.24675 a pound on the CME, after rising as much as 0.8 percent, the most in two weeks. Prices have fallen 5.8 percent this year.
Feeder-cattle futures for September settlement slipped 0.8 percent to $1.56375 a pound.