Demand for pork is rising in the U.S., pushing up hog futures the most since the middle of June, Bloomberg reports.
During the first four days of last week, meatpackers processed and shipped 10.1 million pounds of the commodity, which represents an increase of 24 percent from the week prior, according to data from the government. In June, hog futures increased 1.9 percent as speculation about heightened demand grew amid the seasonal demand for grilling meat in the U.S.
"You have to see what kind of movement you can get moving forward," account executive Dick Quiter of McFarland Commodities in Chicago told the news service. "Today, we're looking at more of an evening-up heading into a long weekend."
Following the three-day weekend for the July Fourth holiday, hog futures opened Tuesday up 1.61 percent, a 0.01475 cent increase to 0.9315 cents per pound. Cattle futures began the short trading week up 1.78 percent, a 0.01975 cent rise to $1.1285 per pound.
The San Angelo Standard-Times, a central Texas publication, reports the heat has pushed cattle to market since supplies of grass and water are running low.
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