Hogs Drop on Signs U.S. Pork Demand Will Ease; Cattle Gain
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Hog futures fell for the first time in a week as U.S. jobs data signaled a fragile economic recovery, eroding prospects for pork demand. Cattle rose to the highest price since April.
Wholesale pork declined 0.8 percent to 96.59 cents a pound yesterday, the biggest drop in a week, and spot-market hog prices touched a three-week low, government data show. U.S. employers added 18,000 workers in June, the fewest in nine months, and the unemployment rate unexpectedly rose to 9.2 percent, Labor Department figures showed.