Futures Market News
Hog, cattle futures await seasonal surge
May 18, 2011 03:36 PM
Decreasing demand for U.S. pork pushed the livestock commodity to their lowest prices in 10 weeks while cattle futures fluctuated, Bloomberg reports.
On Tuesday, hog futures dropped 0.5 percent as prices for wholesale pork dropped 1.3 percent, according to data from the U.S. Agriculture Department. Those losses were the first decreases since the first week of May.
Demand for meat could be hurt by the increasing price for gas since that also is a competing draw from consumers, according to Chad Henderson, a Wisconsin-based market analyst at Prime Agricultural Consultants.
At 4:03 p.m. on Wednesday, hog futures dropped 1.75 percent, a 0.01625 percent slip to 0.914 cents per pound. At 4:07 p.m., cattle futures were up 0.14 percent, a 0.0015 cent increase to $1.0945 per pound.
Though some analysts are expecting the slow demand to turn into a surge as the summer barbecuing season begins with Memorial Day Weekend, figures on Friday were gradual.
"The trade is disappointed with the cash market this week," Henderson said.
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