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Drop of Cattle & Hogs Overdone? Analysts Think So

April 9, 2013 at 2:07 by Vladimir Vyun

Cattle climbed on speculations that demand for US beef is recovering. Hogs also gained yesterday, but retreated today. Forecasters promise warm weather in April. Rising temperatures should encourage people to cook outdoors, increasing meat purchases. Additionally, the US Department of Agriculture reported yesterday that US exporters sold 167,228 metric tons of beef in January and February, 1.3 percent more than in the same period last year.

Previously, cattle and hog prices were falling on concerns about weakening demand for US meat. Analysts are more optimistic now, believing that the drop was overdone, and think prices may go higher if fundamentals remain positive.

June futures for delivery of cattle rose $0.0013 (0.1 percent) to $1.2215 per pound as of 2:01 GMT on CME today. Hog futures declined $0.002 (0.22 percent) to $0.9035 per pound today after rallying 1.1 percent yesterday.

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