Hog futures fell from a 14-year high on speculation that U.S. retail demand for pork will slow after wholesale prices reached the highest level since 2008. Cattle rose.
Wholesale pork as of yesterday was at 88.41 cents a pound, the highest price since August 2008, U.S. Department of Agriculture data show. Meatpackers shipped 7.1 million pounds of pork in the first three days of this week, down 7.2 percent from the same period last week.
“We may be hitting some prices for the retail end that are slowing things down,” said Dick Quiter, an account executive at McFarland Commodities LLC in Chicago. If meatpackers “start having to discount boxes to get stuff moving, you could run into some problems,” he said.
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