Hog futures rallied to the highest in almost two weeks as overseas demand for U.S. pork climbed. Cattle prices also rose.
Export sales of pork totaled 12,556 metric tons in the week ended Aug. 22, up 78 percent from a week earlier and the highest since June 20, U.S. Department of Agriculture data showed today. Meatpackers processed 1.293 million hogs in the first three days of this week, up 0.5 percent from a week earlier, according to government figures.
“You do have some demand picking up,” Christian Mayer, a market analyst at Northstar Commodity Investments in Minneapolis, said in a telephone interview. “I would not be surprised if we were seeing some overseas demand helping this market out.”
Hog futures for October settlement climbed 1.5 percent to close at 87.325 cents a pound at 1 p.m. on the Chicago Mercantile Exchange, after reaching 87.425 cents, the highest for a most-active contract since Aug. 16.
Cattle futures for October delivery rose less than 0.1 percent to $1.26975 a pound on the CME. Feeder-cattle futures for October settlement added 0.2 percent to $1.58 a pound.