Indications about plentiful supplies in the U.S. pulled down hog futures on Tuesday, according to Bloomberg.
Demand for the commodity weakened, which also pulled down its price during the Tuesday trade session as cattle futures also lost value. Last week saw meatpackers process 0.3 percent more hogs as compared to the week prior, which amounted to 2.145 million hogs, according to data from the U.S. Agriculture Department. That represented the sharpest fall since the middle of November of last year.
"Hog numbers, at least coming to market, are still being adequate," chief analyst Mark Schultz with Northstar Commodity Investment Co. in Minneapolis told the news source during an interview on Tuesday. Prices on the cash market presently are enduring "a free-fall status for the short term," the chief analyst noted.
The Pig Site reports exports last year of hog futures established a record high for the second consecutive year after the U.S. shipped 5.4 billion pounds of the commodity in 2012.
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