Slackening demand for pork in the U.S. pushed down hog futures while cattle futures also fell in price, Bloomberg reports.
When hog futures dropped 1.9 percent in value on Wednesday, the price of 88.16 cents per pound marked the lowest price since late January, according to government data. Through Thursday, meatpackers increased the amount of hogs processed as compared to the same point during the year prior, representing a 2.3 percent rise.
The meatpacking industry is "having trouble moving product," account executive Dick Quiter of McFarland Commodities in Chicago told the news service. "That's keeping a negative tone on prices."
At 12:06 p.m. on Friday, hog futures climbed 0.31 percent, a 0.00275 increase to 0.8825 cents per pound. At 12:07 p.m., cattle futures increase 1.13 percent, a 0.01175 cent lift to $1.0485 per pound.
The Cattle network reports the Labor Department's jobless report influenced cattle futures' downward trend as the report showed a reduction in hiring last month. In turn, retail demand for beef slipped as the jobless rate rose to 9.1 percent from 9.0.
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