Reduced demand pulled down hog futures on Monday as the livestock reversed three consecutive trade sessions of gains, according to Bloomberg.
Stronger weather systems during the past 180 days have warded away many consumers from grocery stores, such as heavy snowfall in Boston and Hurricane Sandy along the Eastern Seaboard in October of last year, market advisor Lawrence Kane with the Stewart-Peterson Group told the news source, also noting a hesitancy to grill outdoors. Russia last month banned imports of U.S. pork amid concerns about additives.
"There have been a number of things that have hurt the meat markets this year," the market advisor told the news source on Monday from his Illinois office. "We have the Russian issue and the weather has not been good for the consumer in New England."
At 4:10 p.m. on Friday, lean hog futures fell 1.01 percent, a 0.0075 cent loss to 0.0812 per pound.
Agriview.com reports hog futures have progressively lost value and a sizable change that the pork market has seen is a large upgrade in processing margins for packers of pork. Those margins have developed from being unprofitable in the middle of January to being profitable at the end of last month.
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