Pork stockpiles in the U.S. fell 2.2 percent at the end of November from a year earlier, the government said.
Milk futures in Chicago climbed to the highest price in more than seven months on signs of increasing demand from overseas buyers.
Hog futures jumped the most in three weeks amid speculation that U.S. pork demand is improving, spurring meatpackers to buy more animals. Cattle prices increased.
Hog futures fell for the fourth time in five sessions as U.S. pork processors increased output and animal weights climbed to the highest ever. Cattle prices declined.
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 headed for their biggest gain in almost two weeks on speculation that U.S. pork demand is improving, encouraging meatpackers to buy more animals for slaughter. Cattle prices rose.
Cattle futures rose for the fourth session on signs that rising demand for U.S. beef is boosting profit margins for meat processors. Hog prices declined.
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.
Feeder-cattle futures were little changed after rising to a record on concern that U.S. ranchers are holding animals longer as pastures rebound from a drought and cheaper grain spurs demand from feedlots. Hogs fell.