Hogs Gain on Signs of Increasing Packer Demand; Cattle Steady
Hog futures advanced to the highest in two weeks on signs that demand for U.S. animals is climbing. Cattle prices also rose.
Meatpackers processed 2.147 million hogs this week, up 0.3 percent from a week earlier and 0.4 percent more than the same period a year earlier, U.S. Department of Agriculture data showed today.
“We’re seeing slaughter levels pick up,” Chad Henderson, a market analyst at Prime Agricultural Consultants Inc. in Brookfield, Wisconsin, said in a telephone interview. “That trend will continue.”
Hog futures for October settlement rose 0.3 percent to settle at 87.625 cents a pound at 1 p.m. on the Chicago Mercantile Exchange after reaching 87.925 cents, the highest for the most-active contract since Aug. 15.
Cattle futures for October delivery fell 0.1 percent to $1.268 a pound on the CME. Feeder-cattle futures for October settlement climbed 0.6 percent to $1.5895 a pound.
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