Indications about supplies trumping demand pulled down hog futures on Tuesday as the livestock was headed toward its lengthiest run of losses thus far this year, according to Bloomberg.
Spot hog futures fell 2.6 percent on Monday, notching the biggest drop since December 10 of last year, according to data released by the U.S. Department of Agriculture. Cattle futures were minimally changed on the agricultural markets during the trade session on Tuesday.
“We do have a lot of pork in cold storage,” market adviser Christian Mayer with Northstar Commodity Investments in Minneapolis told the news source on Tuesday. “We still have to work through a lot of pork, a lot of supplies.”
At 1:14 p.m. on Tuesday, hog futures fell 0.45 percent, a 0.004 cent loss to 0.8795 cents per pound. At 1:05 p.m., cattle futures climbed 0.17 percent, a 0.0023 cent rise to $1.325 per pound. At 1:06 p.m., feeder cattle futures rose 0.4 percent, a 0.006 cent increase to $1.49.48 per pound.
The Wall Street Journal reports near-term meat demand was of concern within the industry earlier this year.
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