Hog futures dropped from a one-week high on speculation that U.S. pork exports declined even before Russia imposed a ban on the meat last month. Cattle also fell.
A U.S. Department of Agriculture report today may show exports slipped in January, before the ban was implemented, said Dennis Smith, a senior account executive at Archer Financial Services Inc. Russia, the sixth-largest buyer of U.S. pork, on Feb. 11 banned imports because of concern the meat contains a feed supplement called ractopamine.
“Exports are going to be down in January,” Smith said in a telephone interview from Chicago.
Hog futures for April settlement fell 0.1 percent to 81.7 cents a pound at 10:41 a.m. on the Chicago Mercantile Exchange. Yesterday, most-active futures surged 3.2 percent, the biggest increase since Nov. 7. Prices still are down 4.7 percent this year.
Cattle futures for April delivery slid 0.4 percent to $1.27825 a pound on the CME, heading for their fourth straight decline. Feeder-cattle futures for May settlement fell 0.7 percent to $1.4385 a pound, heading for the third loss this week.
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