Hog futures fell the most since October on signs that the demand for U.S. pork is weakening as supplies increase. Cattle also declined.
Wholesale pork fell 0.9 percent to 91.25 cents a pound last week, and the price of hogs for immediate delivery to slaughterhouses declined 0.2 percent to 80.83 cents a pound, according to the U.S. Department of Agriculture. Last week, meatpackers processed 1.5 percent more hogs than the previous week, USDA data show.
There’s “a little weaker demand” from consumers, said Bill Frejlich, a senior broker at Price Futures Group in Chicago. “When the prices get high, people pull back a bit.”
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