CHICAGO – U.S. hog futures fell to contract lows on Wednesday as packers lowered their bids for cash hogs in an effort to recoup lost margins.
Additionally, traders cited sluggish demand for pork at a time when retailers typically buy fresh meat for Memorial Day holiday grilling on May 28.
The stronger dollar and weaker equities tied to weak U.S. jobs data pressured Chicago Mercantile Exchange hogs because of their potential impact on meat demand in general. CME live cattle liquidation spilled over into the hog sector as pork competes as a less expensive alternative to beef, said hog market traders.
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