Hogs Climb as Winter Storms May Disrupt Supply; Cattle Steady
Hog prices rose for the third straight day on speculation that U.S. meatpacker demand will increase. as winter weather disrupts the movement of animals. Cattle futures were little changed.
About 3 inches (7.6 centimeters) to 6 inches of snow fell in the southwest to east central areas of Iowa over the past 12 hours with some areas receiving as much as 8 inches, Joel Widenor, a vice president for Commodity Weather Group LLC in Bethesda, Maryland, said in a telephone interview.
“We’re under winter-weather warnings, so there’s not going to be many hogs moved today,” Lou Arens, a broker at PCI Advisory Services, said in a telephone interview from Waucoma, Iowa. “That should in turn entice the packers to pay up a little bit for them.”
Hog futures for April settlement increased 0.3 percent to 89.9 cents a pound at 10:22 a.m. on the Chicago Mercantile Exchange. Through yesterday, the price rose 4.5 percent this month.
Cattle futures for April delivery rose less than 0.1 percent to $1.33025 a pound in Chicago.
Feeder-cattle futures for March settlement climbed 0.2 percent to $1.491 a pound on the CME.
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