A high supply of hogs and a decreasing demand for the commodity helped pushed prices down last week, Bloomberg reports. Those prices were the lowest since the middle of August.
Prices for wholesale pork struck their lowest value since December 6 on December 21, when the price was 77.24 cents per pound. The average weight for hog carcasses on that day was on average 207.28 pounds, representing an increase of 3.4 percent since the same time of 2009.
"There's enough hogs around to meet the demand," Tom Cawthorne, director of hog marketing at R.J. O'Brien & Associates in Chicago, told Bloomberg.
Shortly after 1 p.m. in Chicago, hog futures for settlement in February slipped 0.15 cents, a decrease of 0.2 percent and settled at 78.725 cents per pound. The price had reached 79.1 cents earlier on the Chicago Mercantile Exchange, representing the strongest value since August 19.
The most active contract increased 3.7 percent last week, which was the commodity’s largest increase since the middle of last month.
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