Poor demand for US pork pushed lean hog futures to contract lows on the Chicago Mercantile Exchange (CME) again on Wednesday, while cattle futures also crumbled, reported Reuters.
Traders worried about US consumers cutting back on meat purchases while being squeezed by high costs for gasoline and a range of other foods.
In Tuesday's US midterm elections, in which Democrats took control of Congress, nearly 9 in 10 voters identified the cost of living as a crucial or major factor in their vote, according to exit polls conducted by SSRS on behalf of a consortium of US media outlets.
US pork exports have also suffered because China, the world's biggest pork consumer, has an oversupply of hogs and Mexico has imported less pork from the US.
CME December lean hog futures ended down 1.05 cents at 57.550 cents per pound and set a contract low of 57.100 cents per pound. A string of 2027 futures contracts also set new lows.
In the beef market, CME December live cattle futures closed down 0.150 cent at 218.000 cents per pound and touched the lowest price since September 18. The contract has declined for seven trading sessions in a row.
CME January feeder cattle futures fell 2.650 cents to close at 325.725 cents per pound and set the lowest price since October 6.
Traders said a weak cash market weighed on futures. Cash prices were reported at $215 per hundredweight in Iowa on Tuesday, down about $8 from a week earlier, according to brokers.
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