Hog futures rose for a fourth straight session on signs that U.S. meatpackers increased bids for available animals as profit margins on pork sales improved. Cattle declined.
Packers boosted cash-market bids by 7.2 percent on average since Aug. 26, when prices fell to the lowest since November 2007, U.S. Department of Agriculture data show. Wholesale pork prices, after jumping 13 percent since Aug. 20, dropped 5.4 percent today, the most since November. Before today, some meatpackers may have been clearing as much a $20 per head on slaughtered hogs, said CommStock Investments Inc.’s David Kruse.
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