Cattle futures extended a rally to an all-time high as prices are poised to cap the longest string of annual gains in five decades on signs that animal supplies are shrinking.
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 advanced on speculation that declining slaughter rates are signaling shrinking supplies of animals amid increasing U.S. meatpacker demand. Cattle prices rose.
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.
Hog futures headed for the biggest gain in five weeks as pork prices reached a two-year high amid tight supplies. Cattle also climbed.
Cattle futures climbed on signs that supplies of animals are shrinking, curbing the outlook for U.S. beef production. Hog prices fell.
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 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.
"The hogs, for market, are there, and the slaughter numbers will come."
- Dennis Smith on Sep 30, 2013