Hog Futures Gain as U.S. Pork Exports Rise; Cattle Drop
Hog futures rose on signs of increasing export demand for U.S. pork. Cattle prices declined.
U.S. exporters shipped 4.96 billion pounds (2.25 million metric tons) of pork in the 11 months ended Nov. 30, up 5.6 percent from a year earlier, the latest government data show. Pork shipments will rally to a record in 2013, the U.S. Meat Export Federation has forecast. Yesterday, wholesale pork rose to a seven-week high.
“When we get out further in time, we’re going to see there was some international demand from some place that picked up some pork,” Lawrence Kane, a market adviser at Stewart-Peterson Group in in Yates City, Illinois, said in a telephone interview.
Hog futures for April settlement rose 0.4 percent to 89.375 cents a pound at 10:07 a.m. on the Chicago Mercantile Exchange. Through yesterday, the price gained 3.9 percent this month.
Yesterday, wholesale pork gained 0.6 percent to 85.63 cents a pound, the highest since Dec. 5, U.S. Department of Agriculture figures show.
Cattle futures for April delivery fell 0.1 percent to $1.3325 a pound on the CME. Yesterday, the price surged 2 percent, the most for the most-active contract since July 18.
Feeder-cattle futures for March settlement dropped 0.2 percent to $1.49625 a pound.
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