Cattle and hog futures edged up in value Thursday as seasonal demand for the meats also is steady, Bloomberg reports.
Supplies of pork are constricting, which also helps the meat gain in value. And while the outdoor grilling season is running strong in the U.S., both meats are in demand. On Wednesday, hog futures touched their highest price in 35 days, notching a 1.6 percent increase to 99.35 cents per pound.
"The cash market has been super strong," Ryan Turner, a risk-management consultant at FCStone Group in Missouri, told the news service. "The pork-product supply is really tight, and the values are really high."
At 4:57 p.m. on Thursday, hog futures gained 1.04 percent, a .0095 cent rise to 92.375 cents per pound. At 4:56 p.m., cattle futures climbed 0.63 percent, a 0.00725 cent lift to $1.16175 per pound.
CattleNetwork.com reports inclement weather has adversely impacted the U.S. beef industry. A Midwest heat wave has prompted thousands of livestock deaths and drought in the south has forced ranchers to bring in nourishment. Cattle is sensitive to high temperatures as the animals are prone to die or stop gaining weight in the 90-100 degree Fahrenheit range.
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