Hog futures rose for the second straight day on speculation that U.S. pork exports will increase as the dollar drops. Cattle fell, erasing earlier gains.
The greenback slumped to the lowest level since mid-May against a basket of six major currencies. In the four months ended April 30, pork exports were 1.5 percent higher than a year earlier, according to the most-recent U.S. Department of Agriculture data. The U.S. sold 21 percent more beef to overseas buyers in the four weeks ended June 24 than a year earlier, according to the USDA.
“One of the good things going on today is the dollar is lower,” said Lawrence Kane, a market adviser at Stewart- Peterson Group in Yates City, Illinois. “For the countries that do have some money, the cheaper dollar makes our meat look a little more viable.”
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