Hogs Climb to Three-Week High as Pork Demand Rises; Cattle GainElizabeth Campbell
Hog futures climbed to the highest in three weeks on signs of increasing demand for U.S. pork. Cattle also rose.
Wholesale-pork prices added 0.1 percent to 86.5 cents a pound yesterday, the highest since Feb. 1, government data show. Meatpackers processed 1.256 million hogs in the first three days of this week, up 1.5 percent from the same period a year earlier. Spot hogs rose 0.6 percent to 77.13 cents a pound, the highest since April 12, government data show.
The pork price “is up, and that’s a good thing,” Paul Beere, a grain and livestock adviser at Prime Agricultural Consultants in Brookfield, Wisconsin, said in a telephone interview. “That leads to higher cash and better futures.”
Hog futures for June settlement advanced 0.9 percent to close at 91.825 cents a pound at 1 p.m. on the Chicago Mercantile Exchange, after reaching 92.15 cents, the highest for the most-active contract since April 4.
Cattle futures for June delivery climbed 0.7 percent to settle at $1.229 a pound on the CME.
Feeder-cattle futures for August settlement added 1 percent to $1.5215 a pound.