Hog futures rose as signs of ample demand for U.S. pork fueled speculation that last week’s price slide was exaggerated. Cattle declined, capping the longest slump since 2008.
Hog futures climbed for the fourth straight session on an outlook for strong demand before the U.S. Labor Day holiday and as equities advanced. Cattle also gained.
Pork stockpiles in the U.S. rose 16 percent at the end of July from a year earlier, the government said, as production increased and higher prices curbed demand.
Hog futures fell the most in 10 weeks as the dollar’s advance reduced the appeal of U.S. meat exports, and on signs that U.S. pork supplies are climbing. Cattle also declined.
Cattle futures rose to the highest in more than a week on signs of improved demand for U.S. beef. Hogs were little changed.
Hog futures plunged the most in three weeks as a rally in the dollar eroded prospects for U.S. pork exports. Cattle prices rose.
Pork stockpiles in the U.S. rose 12 percent at the end of March from a year earlier, the government said, amid increased production of the meat.
Pork stockpiles in the U.S. rose 5.8 percent at the end of November from a year earlier, the government said, as production increased and demand from China declined.
Funds cut bets on rising prices for wheat , cocoa and other food commodities on easing concern about shortages and on speculation higher costs will curb demand.