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CME Hogs Drop Seven Per Cent In August

CHICAGO/REUTERS

U.S. hog futures on Aug. 31 finished down seven per cent for the month, livestock traders said.

With the onset of cooler weather, hog weights have rebounded and put more hogs in hands of packers to pump more pork into the retail sector.

In early August, the Midwest was in the grip of a heat wave that reduced hog weights and curbed marketings, which pushed Iowa/southern Minnesota hogs to a record price of $107.74 per cwt on Aug. 4.

Now shrinking hog prices have taken a toll on the once extremely bullish price discount of October futures to the Chicago Mercantile Exchange’s lean hog index.

Cattle futures also ended lower and posted their worst monthly showing since May.

Wholesale beef price’s descent this month was less pronounced than its pork counterpart because of strong export business, said analysts.

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