Chicago | Reuters — U.S. hog futures fell for the third day in a row on Wednesday, with the market under pressure from plentiful supplies, traders said.
Cattle futures also closed lower, sinking to their lowest in nearly a month.
Heavy rains in key production areas were spurring producers to market their animals more quickly, INTL FCStone said in a research note to clients, adding to the abundant supplies available in the short-term.
CME December hogs, the most active contract, dropped 0.625 cent to settle at 55.95 cents/lb. (all figures US$).
Thinly traded October hogs were 0.275 cent lower at 68.475 cents/lb.
USDA late in September showed the total U.S. hog herd about three per cent larger than a year ago.
Most-active CME December live cattle eased 0.675 cent to 116.475 cents/lb.
CME November feeder cattle were down 1.325 cents to 156.175 cents/lb.
— Michael Hirtzer reports on commodity markets for Reuters from Chicago; reporting by Mark Weinraub.
