Hog futures were unchanged after rising to a two-week high on speculation that U.S. retail pork demand is increasing as wholesale prices slipped to a two-month low. Cattle were steady.
Wholesale pork was little changed yesterday at 82.76 cents a pound, after slipping the previous day to the lowest level since April 14, U.S. Department of Agriculture data show. Meatpackers shipped 5.34 million pounds of pork yesterday, the most in two weeks.
“We saw down movement on product prices, but we followed it up with very good movement of pork,” said Chad Henderson, a market analyst with Prime Agricultural Consultants Inc. in Brookfield, Wisconsin. “We’re finding a little more demand now, especially with prices” at current levels.
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