Hog futures climbed to an eight-week high on signs of improved demand for pork in China, the world’s biggest consumer. Cattle prices dropped.
Cattle prices fell in Chicago, heading for the second straight weekly decline, on signs of slack demand for beef. Hog prices also dropped.
Corn futures rose to an 11-week high, and soybeans jumped to the highest in almost five months on concerns that hot, dry weather in the U.S. Midwest is eroding crop yields. Wheat also gained.
Cattle futures jumped the most in 15 months on signs that higher costs for livestock feed will curb U.S. meat output. Hog futures also gained.
Cattle futures rose for the first time in three sessions as a decline in the dollar improved prospects for U.S. beef exports. Hogs declined.
Cattle futures rose to a one-week high on signs of shrinking U.S. supplies of animals. Hog prices posted the biggest gain in almost six weeks.
Hog futures fell the most in three weeks on speculation that prices near the highest level in 13 years will spur sales by speculators. Cattle gained.
Cattle futures extended a rally to a record amid shrinking supplies of U.S. beef and increasing demand for the meat as grocers boost purchases before the Christmas holiday.
The government’s estimate of U.S. corn inventories before this year’s harvest was left unchanged at the lowest since 1996 , surprising analysts who expected demand for ethanol and animal feed to further erode supplies.
Hog futures rose to a 10-month high on speculation that demand for U.S. pork will increase with beef costs close to a nine-year high. Cattle prices also gained.
"Strong demand is pushing all protein up."
- Christian Mayer on Oct 16, 2013