Hog futures rose to a record, joining this month’s cattle rally to an all-time high, as supply concerns mounted amid a spreading virus that kills piglets and signs emerged that Russia may lift a ban on U.S. pork imports.
Cattle and hog futures were poised to extend rallies as ranchers struggle to boost the U.S. cow herd from a 63-year low, while a virus that kills piglets spread, spurring concerns that meat supplies will ebb.
Cattle futures rose to a record as ranchers struggle to boost the U.S. herd from a 63-year low, and hogs climbed to a 34-month high after a virus that kills piglets spread, spurring concerns that meat supplies will shrink.
U.S. farmers probably will increase corn planting by 3.7 percent this year from 2010 and reduce soybean acreage by 0.3 percent, based on an analysis of crop prices by agricultural broker and researcher Allendale Inc.
Texas cattle ranchers, the biggest suppliers in the world’s top beef-producing nation, will cull the most breeding cows ever this year as drought increases feed costs, driving livestock prices to a record.