Hogs Fall Most in Three Months as Pork Demand Ebbs; Cattle GainElizabeth Campbell
Hog futures fell the most in three months on signs that demand for U.S. pork is slowing. Cattle rose.
Wholesale-pork prices, a gauge of demand, dropped 3.6 percent last week, the first decline in five weeks and the biggest slump since March, U.S. Department of Agriculture data show. Prices are down 4.8 percent from $1.1133 a pound reached on June 26, which was the highest since at least October 1997, government data show.
“The hogs have topped out,” Dennis Smith, a senior account executive at Archer Financial Services Inc. in Chicago, said in a telephone interview. “I think there’s a lot more pressure.”
Hog futures for August settlement fell 2.3 percent to close at 95.55 cents a pound at 1 p.m. on the Chicago Mercantile Exchange, the biggest drop for a most-active contract since April 5. The price rose 0.3 percent last week.
Cattle futures for August delivery added 0.1 percent to settle at $1.22075 a pound in Chicago.
Feeder-cattle futures for August settlement slid 0.1 percent to $1.516 a pound.