CHICAGO – Hog futures fell Thursday ahead of a government report that showed frozen pork belly stocks last month dropped to a record low.
In a report released after the markets closed, the U.S. Department of Agriculture said that stocks of pork bellies in commercial freezers fell almost 60% in May from a year earlier to 31.6 million pounds and were down 6% from April. That was the lowest on record for the month of May.
Tight stocks of bellies, which are used to make bacon, has lit a fire under prices recently amid strong demand. A pound of pork belly meat climbed 5.11 cents to $1.86 on Wednesday, according to the USDA, though prices eased as of midday Thursday.
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