Seasonal demand for pork is driving hog futures higher, according to published reports.
Yet while the approach of Labor Day Weekend is driving demand for pork, cattle futures hovered for a while though ultimately remained firm despite a shaky market that has endured swings due to economic crises on both sides of the Atlantic Ocean.
Rich Nelson, research director at Allendale in Illinois, told Bloomberg that grocery stores typically purchase pork about 21 days prior to holidays, also noting supplies of pork are constricting more than anticipated. Hog futures set record price of $1.1019 per pound on Monday of last week.
On Monday of this week, cattle futures lost value, according to CattleNetwork.com. Feeder cattle futures also lost value yet an air of caution remains since the shadow of last week's volatility is extending. The euro zone sovereign debt crisis and the stock market's instability are two issues that are impacting prices for all commodities.
At 4:01 p.m. on Monday, cattle futures fell 0.37 percent, a .0045 cent slip to $1.20 per pound. At 4:06 p.m., cattle feeder futures gained 0.05 percent, a .00075 cent lift to $1.38775 per pound. At 4:12 p.m., hog stock futures climbed 0.59 percent, a .00525 increase to 90 cents per pound.
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