Hog futures declined for the third straight session on signs that U.S. pork demand is slowing, while lower feed costs are encouraging producers to boost animal weights. Cattle prices traded little changed.
Hogs fell for the third straight day on concern that climbing U.S. pork supplies will outpace domestic and overseas demand. Cattle were little changed.
Pork stockpiles in the U.S. fell 10.2 percent at the end of September from a year earlier, the government said, as animal weights increased.
Hog futures rose to a seven-week high on signs that U.S. producers are holding animals on farms longer because of lower feed costs, tightening supplies available to pork processors. Cattle advanced.
Hog futures declined for a second day on signs of increasing animal supplies. Cattle also fell.
Corn futures fell to a three-year low and soybeans dropped the most this month on signs of supply gains in the U.S., the world’s biggest producer. Wheat rose, capping the fourth straight weekly gain.
Hog futures rose, heading for a second straight monthly gain, on mounting concern that a virus is killing piglets and reducing the size of the U.S. herd. Cattle also advanced.
Soybean futures rose for the third straight day on signs that August rain failed to boost crop yields in the U.S., the world’s biggest producer. Corn gained, while wheat dropped.
What follows are opening calls for U.S. grain and oilseed markets.
Hog futures slumped to a four-month low on speculation that cooler weather in the U.S. Midwest may raise animal weights, increasing pork supplies. Cattle declined.
"Input costs are reasonable, like corn, and we have added record weights to the hogs."
- Don Roose on Nov 14, 2013