Hog Futures Drop for Second Day on Supply Gains; Cattle ClimbDalton Barker
Hog futures declined for a second day on signs of increasing animal supplies. Cattle rose.
In the week through today, meatpackers processed 2.162 million hogs, up 0.6 percent from a year earlier, the U.S. Department of Agriculture said today, in its first livestock-slaughter report since a 16-day government shutdown started Oct. 1.
“Truckers have been pretty busy” hauling hogs to slaughter, Don Roose, the president of U.S. Commodities Inc. in West Des Moines, Iowa, said in a telephone interview.
Hog futures for December settlement fell 0.6 percent to close at 87.95 cents a pound at 1 p.m. on the Chicago Mercantile Exchange. Prices climbed 1.7 percent this week, the first gain this month.
Cattle futures for December delivery rose 0.2 percent to $1.32025 a pound. Yesterday, the price touched a nine-month high of $1.34.
Feeder-cattle futures for January settlement closed unchanged at $1.666 a pound.