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Hogs Rise & Soybeans Drop Depending on Demand

April 2, 2010 at 0:26 by Vladimir Vyun

Hog futures advanced today as the supplies of animals from the U.S. are declining, while the demand for the pork rises. The output of the pork was lower this week because of the Easter holiday, but meat packers may restart pork production after the holiday to profit from the high pork prices. The U.S. meat demand usually increases with a warm weather as more consumers are grilling outdoors. June settlement for hog futures advanced $0.00475 (0.6 percent) to $0.83375 per pound today on the Chicago Mercantile Exchange.

Soybeans dropped today on a speculation that the record harvests in Brazil and Argentina will curb demand for the U.S. supplies. As the 10-day strike by dockworkers in Argentina, which was blocking shipments of soybeans, have been settled, the renewed supply from this country may cause a decline of the demand from the U.S. supplies of soybeans. May futures for soybean delivery dropped $0.0775 (0.8 percent) to $9.3325 per bushel by 10:10 on CBoT.

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

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