Hogs Gain on Fourth of July Grilling Demand; Cattle Rise
Hog futures rose for the first time in four sessions on signs of increasing demand for U.S. pork before the Fourth of July holiday. Cattle also increased.
About 373,000 hogs were processed in the Iowa and southern Minnesota region in the week ending June 29, up 1.6 percent from a year earlier, U.S. Department of Agriculture data show. Tomorrow is the most-popular day in the U.S. for outdoor grilling, according to the Hearth, Patio and Barbecue Association.
“Everyone’s expecting better movement because of Fourth of July,” Chad Henderson, a market, analyst at Prime Agricultural Consultants Inc. in Brookfield, Wisconsin, said in a telephone interview.
Hog futures for August settlement gained 0.7 percent to 97.275 cents a pound at 10:01 a.m. on the Chicago Mercantile Exchange. The price fell 2.8 percent in the previous three sessions.
Cattle futures for August delivery increased 0.3 percent to $1.2275 a pound.
Feeder-cattle futures for August settlement were unchanged at $1.509 a pound.
To contact the reporter on this story: Elizabeth Campbell in Chicago at firstname.lastname@example.org
To contact the editor responsible for this story: Steve Stroth at email@example.com.