Hog futures gained for the first time in five sessions on speculation that the lowest U.S. pork prices in a month will spur buying from retailers. Cattle fell.
Yesterday, wholesale pork fell 1.7 percent to 76.11 cents a pound, the lowest since Nov. 1, according to U.S. Department of Agriculture data. The price declined as animal weights last week rose to the highest level since at least 2002. Hog futures dropped 3 percent in the previous four sessions, and cattle jumped yesterday to a 27-month high.
“With cattle trading at these kind of prices over hogs, it makes pork look a little more attractive on the retail end,” said Dick Quiter, an account executive at McFarland Commodities LLC in Chicago.
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