Sept. 16 (Bloomberg) -- Hog futures rose the most in more than a week on signs of climbing demand for U.S. pork and limited supplies. Cattle advanced for a third session.
Wholesale pork added 2.8 percent last week to 98.16 cents a pound, the biggest gain since Aug. 2, government data show. Spot hogs rose to 93.71 cents a pound on Sept. 13, the highest in almost four weeks, the U.S. Department of Agriculture said. Meatpackers processed an estimated 2.172 million hogs in the week through Sept. 14, down 11 percent from a year earlier, and slaughter was down 1.8 percent today compared with a year earlier, USDA estimates show.
“Demand is still good,” Lawrence Kane, a senior market adviser at Stewart-Peterson Group, said in a telephone interview from Yates City, Illinois. “Hog numbers haven’t broken higher like everyone expects in the fall.”
Hog futures for December settlement climbed 1.4 percent to close at 88.475 cents a pound at 1 p.m. on the Chicago Mercantile Exchange, the biggest gain for a most-active contract since Sept. 6.
Cattle futures for December delivery rose 0.1 percent to $1.29225 a pound on the CME.
Feeder-cattle futures for October settlement advanced 0.1 percent to $1.595 a pound.
--Editors: Thomas Galatola, Steve Stroth