Hog prices rose for the third straight day on speculation that U.S. meatpacker demand will increase. as winter weather disrupts the movement of animals. Cattle futures were little changed.
About 3 inches (7.6 centimeters) to 6 inches of snow fell in the southwest to east central areas of Iowa over the past 12 hours with some areas receiving as much as 8 inches, Joel Widenor, a vice president for Commodity Weather Group LLC in Bethesda, Maryland, said in a telephone interview.
“We’re under winter-weather warnings, so there’s not going to be many hogs moved today,” Lou Arens, a broker at PCI Advisory Services, said in a telephone interview from Waucoma, Iowa. “That should in turn entice the packers to pay up a little bit for them.”
Hog futures for April settlement increased 0.3 percent to 89.9 cents a pound at 10:22 a.m. on the Chicago Mercantile Exchange. Through yesterday, the price rose 4.5 percent this month.
The National Weather Service has issued a winter-storm warning until 12 p.m. central time for parts of the state.
Cattle futures for April delivery rose less than 0.1 percent to $1.33025 a pound in Chicago.
Feeder-cattle futures for March settlement climbed 0.2 percent to $1.491 a pound on the CME.
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