Aug. 22 (Bloomberg) -- Hog futures tumbled the most in two weeks on slowing overseas demand for U.S. pork amid expanding supplies. Cattle prices also fell.
Export sales of pork totaled 7,064 metric tons (15.57 million pounds) in the week ended Aug. 15, down 17 percent from a week earlier, Department of Agriculture data showed today. Meatpackers processed 1.5 percent more hogs in the first four days of this week than a week earlier. Wholesale-pork prices dropped 2.2 percent to 99.57 cents a pound yesterday, the biggest loss since July 10.
“The exports have really been sluggish,” Dennis Smith, a senior account executive at Archer Financial Services Inc. in Chicago, said in a telephone interview. “The hog numbers are increasing, and slaughter has really expanded.”
Hog futures for October settlement fell 1.7 percent to close at 84.4 cents a pound at 1 p.m. on the Chicago Mercantile Exchange, the biggest drop for the most-active contract since Aug. 7. Earlier, the price touched 84.275 cents, the lowest since Aug. 5.
Cattle futures for October delivery declined 0.6 percent to $1.272 a pound in Chicago.
Feeder-cattle futures for September settlement were unchanged at $1.577 a pound.
--Editors: Thomas Galatola, Patrick McKiernan