Hog futures rose, heading for the biggest gain in two weeks, on signs of increasing demand for U.S. pork. Cattle prices also advanced.
U.S. pork-export sales totaled 18,607 metric tons (41.02 million pounds) in the week ended June 20, the most since March, Department of Agriculture data show. Wholesale pork reached $1.1133 a pound yesterday, the highest since at least October 1997, government data show.
“Product value just keeps exploding,” Lou Arens, a broker at PCI Advisory Services in Waucoma, Iowa, said in a telephone interview.
Hog futures for August settlement added 1.3 percent to 98.9 cents a pound at 9:52 a.m. on the Chicago Mercantile Exchange, heading for the biggest increase for the most-active contract since June 10.
Cattle futures for August delivery rose 0.6 percent to $1.22925 a pound on the CME.
Feeder-cattle futures for August settlement climbed 0.7 percent to $1.499 a pound.
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