Hog futures rose to their highest prices since late spring of last year amidst indications of climbing demand while cattle futures slipped in value, Bloomberg reports.
Hog futures touched 87.5 cents per pound, the highest value since late April. The commodity slipped and was worth 86.4 cents shortly after 2 p.m., a reduction of 0.37 percent or 0.33 cents.
"Demand appears to be continuing to improve," David Kruse, president of Iowa-based CommStock Investments, told Bloomberg. "Pork exports have been strengthening."
Data from the U.S. Department of Agriculture indicated November 2010 saw U.S. exporters ship more than 406 million pounds of the commodity, which notched the highest amount since June 2008.
Cattle futures also slipped 0.42 percent, a 0.48 cent reduction to $1.1325 per pound after 2 p.m. on Wednesday, when cattle feeder futures fell .625 cents, a 0.49 percent slip to $1.27325 per pound.
Prices for wholesale beef futures also touched a two-and-a-half year high value when hitting $1.7281 per pound on Tuesday. That value represents the commodity's highest value since July 2008.
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