CattleNetwork.com reports wholesale beef prices demonstrated indications of weakness from cash cattle markets. Agrimoney.com reports feeder cattle supplies were of poor supply due to drought forcing smaller animals into feedlots. Bloomberg reports hog futures dropped for the first time in three trading sessions amid indications of sufficient amounts of supplies in the U.S. and signs of a reduced demand for the commodity.
"That excess pork" is applying pressure to prices, Don Roose, the chief of U.S. Commodities in Iowa, told Bloomberg. "The cash market is starting to soften up a little bit."
At 4:28 p.m. on Tuesday, cattle futures fell 0.41 percent, a .00475 cent slip to $1.15225 per pound. At 4:33, cattle feeder futures slid 0.2 percent, a 0.00275 cent drop to $1.343 per pound. At 4:33 p.m., hog futures lost 0.76 of value, a 0.00675 fall to 0.88325 cents per pound.
Thus far this year, hog futures have gained 11 percent in value.