Seasonal demand in Europe and the U.S. is pushing up the price of hog futures, Bloomberg reports.
In Germany, the top economy in the euro zone, prices of the livestock have surged more than 9 percent thus far this week, marking the commodity's biggest advance in more than three years. The southern region of the country is enduring warmer temperatures for this time of year. Memorial Day, the signal of summer and barbecuing weather in the U.S., is two-plus months away while the first day of Spring 2014 is on Thursday.
"Weather pushes consumption and it's been beautiful weather, so the barbecues came out for sure," meat and dairy analyst Antoine Gautier with farm adviser Offre & Demande Agricole in Bourges, France told the news source on Wednesday.
At 8:52 a.m. on Wednesday, hog futures edged up 1.45 percent, a 0.019-cent increase to $1.3268 per pound.
The Cattle Network reports hog futures have been driving higher since early last week, surging higher as the trade week came to a close. On Monday, hog futures' strong performance continued with gains as high as 2.4 cents.
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