Hog futures advanced on speculation that declining slaughter rates are signaling shrinking supplies of animals amid increasing U.S. meatpacker demand. Cattle prices rose.
A five-bedroom house in Las Vegas sold in mid-July for $499,000, double the price it went for three months ago. In Phoenix, a similar house sold this month for $600,000, gaining $273,000 since March.
Hog futures declined the most in two weeks on signs of increasing U.S. pork output as cheap feed leads to bigger animals at slaughter. Cattle were little changed.
Hog futures fell the most in seven weeks after a government report showed that the U.S. herd unexpectedly grew. Cattle prices dropped.
Hog futures rose to a five-week high on speculation that U.S. pork exports will increase after China, the world’s largest consumer, ended its currency peg to the dollar. Cattle also gained.
Cattle futures climbed on signs that supplies of animals are shrinking, curbing the outlook for U.S. beef production. Hog prices fell.
Hog futures headed for the biggest gain in five weeks as pork prices reached a two-year high amid tight supplies. Cattle also climbed.
Hog prices climbed in Chicago on signs of increasing demand for U.S. pork. Cattle also gained.
Hog futures dropped from a one-week high on speculation that U.S. pork exports declined even before Russia imposed a ban on the meat last month. Cattle also fell.
Hog futures tumbled to the lowest in more than a week on slowing overseas demand for U.S. pork amid expanding supplies. Cattle prices also fell.
"The hogs, for market, are there, and the slaughter numbers will come."
- Dennis Smith on Sep 30, 2013