Hog Prices Drop on Signs of ‘Ample’ Pork Supplies; Cattle SteadyElizabeth Campbell
Hog futures fell on signs of increasing U.S. pork supplies. Cattle prices were little changed.
Average carcass weights in the Iowa and southern Minnesota region were 0.4 percent heavier in the week ended Sept. 7, compared to a year earlier, U.S. Department of Agriculture data show. Pork production will climb 13 percent in the three months ending Dec. 31 from the previous three months, government forecasts show.
“We’re going to have ample supplies of pork in the fall,” Lawrence Kane, a senior market adviser at Stewart-Peterson Group, said in a telephone interview from Yates City, Illinois. “The fourth quarter is usually a big production time frame for hogs. The market is going to be leery of that.”
Hog futures for December settlement slipped 0.3 percent to close at 87.25 cents a pound at 1 p.m. on the Chicago Mercantile Exchange.
Cattle futures for October delivery rose less than 0.1 percent to $1.2505 a pound on the CME. Feeder-cattle futures for October settlement climbed 0.3 percent to $1.58225 a pound.