Futures Industry News
Hogs, cattle futures slip
Mar 07, 2011 04:02 PM
Demand for U.S. pork is slipping while supplies of the commodity are increasing, pushing down hog futures, Bloomberg reports.
Meatpackers in the the U.S. last week processed 1.5 percent more hogs as compared to the week prior, according to the U.S Agriculture Department.
Shortly before 4 p.m. on Monday, hog futures were down 1.39 percent, a 0.14 decrease to 9.965 per pound. Consumers have driven "a little weaker demand", according to Bill Frejlich, a senior broker at Price Futures Group in Chicago. "When the prices get high, people pull back a bit."
At least some of the slipping demand for hog products might come from Catholics cutting down on eating meat products on Fridays during Lent. Lent begins this year on March 9.
During the past 12 months, hog futures have increased 18 percent. Hog futures' slip in value was the biggest drop since October. Cattle futures are also slipping in price. Shortly after 4:30 p.m. on Monday, cattle futures were down 0.39 percent, a 0.45 cent reduction to 1.136 per pound.
Don’t Miss Our News Updates!
Follow our breaking news stories and get a unique take on current events that may impact the commodity futures markets. Multiple new articles are posted each weekday. Subscribe to our commodity news updates by email, and receive real-time updates with our RSS feed, follow us on Twitter @DanielsTrading, become a fan on Facebook to stay informed.
SPECIAL OFFER: Wealth Empowerment Guide
Learn how to trade commodity futures and options using funds from an IRA or 401(k)!
Is your IRA parked in some mutual fund, going nowhere? Why not take control? Trade futures direct with a broker, trade online, and even invest in a managed account with a Commodity Trading Advisor. We are here to help!