Aug. 20 (Bloomberg) -- Hog futures climbed for the first time in four sessions on speculation that demand for U.S. pork is rising. Cattle prices rose.
Meatpackers processed 857,000 hogs in the first two days of this week, up 1.9 percent from a week earlier, U.S. Department of Agriculture data show. The price of hogs for immediate delivery to slaughterhouses has climbed 11 percent in the past year, and wholesale pork gained 12 percent, according to government figures.
“Summer demand on hogs has been very, very good,” Lawrence Kane, a senior market adviser at Stewart-Peterson Group in Yates City, Illinois, said in a telephone interview. “We saw stronger hog prices than expected.”
Hog futures for October settlement rose 0.5 percent to close at 86.95 cents a pound at 1 p.m. on the Chicago Mercantile Exchange. The price fell 1.9 percent in the previous three sessions.
Cattle futures for October delivery advanced 0.1 percent to $1.2815 a pound.
Feeder-cattle futures for September settlement climbed 0.2 percent to $1.5825 a pound.
--Editors: Patrick McKiernan, Steve Stroth