indications that pork supplies will grow in the coming months prompted hog futures to slip from their highest values in eight months, Bloomberg reports.
Hogs that were slaughtered in Iowa and southern Minnesota weighed 1.1 pounds more than they did one week previously, according to government data. Hog futures for April delivery have gained as much as 15 percent since late October.
"Large hog weights are a negative factor," Doug Houghton, an analyst with Brock Associates in Milwaukee, told Bloomberg. "Technical indicators suggest the market is overbought. The cash market has been relatively flat. The futures may have been getting a little ahead of themselves."
February-delivery cattle futures slipped 0.525 cents to slightly more than $1.09 per pound just before 11 a.m. on Friday in Chicago. The value for cattle reached $1.149 earlier on Thursday, which is the commodity's highest value since it began trading in 1964.
"You might see some profit-taking," Christian Mayer, a market adviser at Northstar Commodity Investments in Minneapolis, told Bloomberg. "We had a big run yesterday. Odds would favor a little bit of a setback in price."
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