Cattle, Hogs Poised to Extend Rally on Supply Concerns
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Cattle and hog futures were poised to extend rallies as ranchers struggle to boost the U.S. cow herd from a 63-year low, while a virus that kills piglets spread, spurring concerns that meat supplies will ebb.
Beef output in the U.S., the world’s top producer, will fall 5.3 percent this year to 24.35 billion pounds (11.04 million metric tons), the lowest since 1994, the Department of Agriculture has forecast. At the start of this year, the cattle herd fell to 87.7 million head, the lowest since 1951, following drought and high feed costs. Porcine epidemic virus has killed more than 4 million pigs, according to an industry group.