Pork prices in the US increase, while live cattle prices decrease sharply

Published 2024년 11월 5일

Tridge summary

Pork futures have seen a rise due to increased pork belly prices and retail ham buying for Thanksgiving and Christmas, despite live cattle prices hitting a one-month low. This is attributed to strong beef demand, especially for premium cuts, and unexpectedly low supplies of pigs ready for slaughter in the U.S. Wholesale prices for pork cuts, hams, and pork bellies have increased, as reported by the USDA. Meanwhile, beef demand remains strong and futures for November 2024 delivery of cattle have experienced a slight increase after hitting a low.

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Original content

Live cattle prices, on the other hand, hit a one-month low, while beef prices rebounded after hitting their lowest in more than five weeks. Rising pork belly prices and retail ham buying ahead of Thanksgiving and Christmas helped push up pork futures, said Altin Kalo, an economist at Steiner Group. Beef demand also remained strong, especially for premium cuts ahead of the holidays, he said. Analysts said unexpectedly low supplies of pigs ready for slaughter in the U.S., while rising demand, pushed pork futures higher for months after lower pork belly prices attracted buyers. Wholesale prices for pork cuts, hams and pork bellies rose, according to U.S. Department of Agriculture data. Pork futures for December 2024 delivery on the CME LHZ24 exchange rose 0.275 cents per lb to 84.075 cents per lb. Live cattle futures for December 2024 delivery LCZ24 ended down 0.375 cents/lb at 185.925 cents/lb, hitting ...

Source: Vinanet