Hog futures hit highest since August 2019
By Mark Weinraub
CHICAGO, Oct 8 (Reuters) - U.S. hog futures rose to their highest in more than a year on Thursday, as consumer demand for pork remained robust even as the weather turned cooler.
The front-month hog contract has risen for seven days in a row.
“The domestic demand is just on fire,” said Don Roose, analyst with U.S. Commodities in West Des Moines, Iowa. “The U.S. markets are finally catching up with the world market.”
The U.S. Agriculture Department said that weekly pork export sales totaled 40,800 tonnes, up from 38,100 tonnes a week earlier.
The U.S. pork cutout, an indication of wholesale pork prices, was reported at $95.36 per cwt on Thursday afternoon, up 18¢ from Wednesday afternoon, according to the U.S. Department of Agriculture.
Chicago Mercantile Exchange October lean hogs advanced 0.475¢ to close at 77.35¢ per pound. On a continuous basis, the front-month contract hit its highest since Aug. 14, 2019.
Most-active December hogs settled up 2.275¢ at 66.85¢.
In the U.S. beef market, CME October live cattle futures slipped 0.475¢ to 109.7¢ per pound. Most-active December cattle dropped 0.475¢ to 112.625¢.
CME November feeder cattle dropped 1.425¢ to 136.450¢ per pound.
Export sales of beef came in at 22,900 tonnes, down from 26,100 tonnes a week earlier. (Reporting by Mark Weinraub. Editing by Cynthia Osterman.)
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