Hogs Extend Rally on Signs of Rising Demand; Cattle Gains
Hog futures headed for a fifth straight increase, the longest rally since March, on signs of increasing demand for U.S. pork. Cattle also advanced.
Meatpacking plants slaughtered about 365,000 hogs yesterday, up 2.8 percent from the prior week, according to the U.S. Department of Agriculture. Exporters sold 11,000 metric tons of pork in the week through July 25, up 38 percent from the prior seven days, USDA data show. Wholesale prices are up 3.4 percent this month through yesterday as boxed pork reached $1.0456 a pound, the highest since July 9.
Hog futures for October settlement advanced 0.9 percent to 86.3 cents a pound at 11:03 a.m. on the Chicago Mercantile Exchange, extending the longest streak since March 26.
Cattle futures for October delivery rose 0.2 percent to $1.248 a pound on the CME. On Aug. 2, prices touched $1.241, the lowest for a most-active contract since July 9.
Feeder-cattle futures for September settlement added 0.4 percent to $1.5765 a pound.
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