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Hogs declined the most in more than a week on signs of increasing supplies of U.S. pork. Cattle futures also fell.
Commercial pork output in the first 11 months of the year climbed 2.9 percent from a year earlier, the government said Dec. 21. Meatpackers slaughtered 442,000 hogs in the Iowa and southern Minnesota region in the week ending Dec. 22, 11 percent more than a year earlier, U.S. Department of Agriculture data show. Wholesale pork dropped 0.2 percent to 82.7 cents a pound yesterday, the USDA said.
“We still seem to have plenty of pigs coming to market,” Mark Schultz, the chief analyst at Northstar Commodity Investment Co., said in a telephone interview from Minneapolis.
Hog futures for February settlement declined 0.7 percent to 86.8 cents a pound at 9:50 a.m. on the Chicago Mercantile Exchange. A close at that level would be the biggest drop for a most-active contract since Dec. 17. Through yesterday, prices were up 3.7 percent this year.
Cattle futures for February delivery fell 0.5 percent to $1.33075 a pound in Chicago. Prices rose 10 percent this year through yesterday.
Feeder-cattle futures for March settlement dropped 0.5 percent to $1.54025 a pound on the CME.
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