Oct. 31 (Bloomberg) -- Hog futures fell for the third straight day on concern that U.S. pork supplies will climb faster than domestic and overseas demand. Cattle prices decreased.
Meatpackers slaughtered 1.73 million hogs in the first four days this week, 1.2 percent more than a year earlier, and carcass weights have increased for two straight months, according to the U.S. Department of Agriculture. Exporters shipped 3.254 billion pounds (1.48 million metric tons) of pork in the eight months through Aug. 31, down 8.6 percent from a year earlier, according to the latest USDA data.
“The slaughter numbers are starting to grow,” Don Roose, the president of U.S. Commodities Inc. in West Des Moines, Iowa, said in a telephone interview. “Weights are up.”
Hog futures for December settlement fell 1.4 percent to close at 89.175 cents a pound at 1 p.m. on the Chicago Mercantile Exchange, paring this month’s gain to 2.9 percent.
Cattle futures for December delivery dropped 0.3 percent to $1.32725 a pound on the CME, reducing the increase for the month to 0.6 percent.
Feeder-cattle futures for January settlement slid 0.7 percent to $1.63675 a pound.
--Editors: Thomas Galatola, Steve Stroth