Hogs Gain due to Increased Demand
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Speculation that slaughterhouses will be increasing pork-buying in order to meet the increasing demand in the United States has caused a rise in pork. In a similar manner, cattle have gone up as well.
Prices of wholesale pork skyrocketed to 6.9 and attained a 23 month high on May 15, greatly exceeding the 6.3 percent attained by hog futures.
Photo Credit: VirtualErn
This year the prices of wholesale pork have gone up to 37 percent, translating to 79.74 cents per pound, according to USDA data. This weekend meatpackers will slaughter about 119,000 hogs, an increase from an earlier 27,000 a week. The figure was 94,000 hogs during the same date last year, according to a government report.
“Next week, packers will have to step up for a full week’s slaughter and will have to pay a little more for hogs. There’s still good demand for the hogs,” said analyst Joe Kropf, Joe Kropf and Sid Love Consulting Services Inc., Overland Park, Kansas.
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