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Higher Meat Consumption Drives Prices for Cattle & Hogs Up

April 16, 2013 at 23:50 by Vladimir Vyun

Futures for cattle and hogs advanced today on speculations that demand for US meat will increase. The US Department of Agriculture reported that US meatpackers processed 122,000 cattle yesterday, 5.2 percent more than in the previous week. Analysts expect that meat consumption will rise as higher temperatures will lead to an increase of outdoor grilling.

Today’s market sentiment was positive for commodities as a whole. Traders thought that yesterday’s huge sell-off was overdone. Of course, cattle and hogs were already showing signs of strength previously and today’s positive mood just to the bullish momentum.

June futures for delivery of cattle rose $0.0015 (0.12 percent) to $1.2063 per pound as of 23:31 GMT on CME today. Contract for hogs advanced $0.0008 (0.08 percent) to $0.8910 per pound.

If you have any questions and comments on the commodities today, use the form below to reply.

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