Hog Futures Rise on Increased Grilling Demand; Cattle Fall
Hog futures climbed for the second straight session on speculation that demand for U.S. pork will remain strong heading into the Fourth of July weekend. Cattle fell.
Meatpackers processed 1.27 million hogs this week as of July 3, up 5.2 percent from a year earlier, U.S. Department of Agriculture data show. Independence Day is the most popular day for outdoor cookouts, according to the Hearth, Patio and Barbecue Association.
Hog futures for August settlement rose 0.5 percent to 97.35 cents a pound at 10:36 a.m. on the Chicago Mercantile Exchange. Prices were up 13 percent this year through July 3.
Cattle futures for August delivery slid 0.1 percent to $1.2185 a pound on the CME. Prices are down 7.8 percent this year.
Feeder-cattle futures for August settlement added 0.3 percent to $1.5145 a pound.
The markets were closed yesterday for the Independence Day holiday.
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