Hog futures fell on signs that animal supplies are outpacing U.S. demand for pork. Cattle futures also dropped.
Wholesale pork fell 2.5 percent yesterday, to 85.21 cents a pound, the lowest level since July 21. In the week ended Oct. 2, the average weight of hogs slaughtered in the Iowa-Southern Minnesota region rose 0.9 percent to 270.7 pounds (122.8 kilograms) from a year earlier, the U.S. Department of Agriculture said today.
Prices fell on “concern about weakness in the wholesale market,” said Dan Vaught, the owner of Vaught Futures Insights in Altus, Arkansas. “Traders are concerned that the rise in weights and supply of hogs available for sale in the very near future is increasing as well.”
To read the rest of this story please go to: Bloomberg
