Hog Futures Rise for First Time in a Week; Cattle Prices ClimbElizabeth Campbell
Hogs rose for the first time in a week on signs of shrinking supplies of U.S. pork. Cattle also gained.
This quarter, U.S. pork output will drop 8.3 percent from the prior three months to 5.725 billion pounds (2.6 million metric tons) this quarter, according to the U.S. Department of Agriculture. In the week ended Feb. 2, carcasses in the Iowa and southern Minnesota region weighed 0.5 percent less than a year earlier, government data show.
“Our supplies are projected to be tighter as we go forward,” Don Roose, the president of U.S. Commodity Inc. in West Des Moines, Iowa, said in a telephone interview. “Weights were down last week, so that’s a plus.”
Hog futures for April settlement rose 0.3 percent to close at 86.525 cents a pound at 1 p.m. on the Chicago Mercantile Exchange. Prices are up 0.9 percent this year.
Cattle futures for April delivery rose 0.1 percent to settle at $1.31525 a pound on the CME, after reaching $1.30725, the lowest for the most-active contract since Jan. 25.
Feeder-cattle futures for March settlement fell 0.2 percent to $1.472 a pound in Chicago, the fifth straight decline.