US hog futures up on increased pork demand

U.S. hog futures showed an upward trend the week ending October 12 on increasing demand for pork, with December futures rising 1.1 percent to 78.375 cents a pound at 1 p.m. on the Chicago Mercantile Exchange. Prices advanced 2.4 percent overall during the week, the second straight gain.

U.S. hog futures showed an upward trend the week ending October 12 on increasing demand for pork, with December futures rising 1.1 percent to 78.375 cents a pound at 1 p.m. on the Chicago Mercantile Exchange. Prices advanced 2.4 percent overall during the week, the second straight gain.

“We have been able to move pork,” said Don Roose, the president of U.S. Commodities Inc. “We have been able to make money. We’ve been eating through the large supply.” Wholesale pork rose 1.2 percent to 87.69 cents a pound on October 11, the highest since August 21, and prices are up 16 percent from a 22-month low on Sept. 19, according to the U.S. Department of Agriculture. On October 11, hogs for immediate delivery to slaughterhouses rose 0.4 percent to 79.33 cents a pound, and prices are up 1.3 percent in 2012.

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