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.
Soybean futures rose for the first time this week on speculation that Argentine farmers will keep supplies as a hedge against inflation, boosting demand for U.S. livestock feed and cooking oil. Corn climbed, while wheat fell.
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.