Hogs Jump on Signs Consumer Pork Demand May Climb; Cattle Gain
Hog prices rose on speculation that demand for pork may increase as consumers buy more of the cheaper meat. Cattle also advanced.
Wholesale pork fell 1.3 percent yesterday to 85.46 cents a pound, the biggest slump in five weeks, U.S. Department of Agriculture data show. Prices are up 1.8 percent in the past year, while wholesale beef has climbed 2.1 percent to $1.8676 a pound in the past 12 months, USDA data show. Benchmark Georgia dock wholesale chicken breast prices are up 6.6 percent in that same period, government data show.
“You’ve got to be a little bit more positive” on pork products, Chad Henderson, the president of Prime Agriculture Consulting Inc. in Brookfield, Wisconsin, said in a telephone interview. “They are more competitive compared to the other meats.”
Hog futures for April settlement rose 0.8 percent to 89.95 cents a pound at 10:24 a.m. on the Chicago Mercantile Exchange. Through yesterday, the commodity climbed 4.1 percent this month.
Cattle futures for April delivery increased 0.3 percent to $1.333 a pound in Chicago.
Feeder-cattle futures for March settlement added 0.6 percent to $1.49925 a pound on the CME.
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