U.S. pork prices rose in recent weeks at a time when they would normally be fall...
CHICAGO - U.S. pork prices rose in recent weeks at a time when they would normally be falling, as a fatal pig disease in China is tightening global meat supplies, the chief executive of Tyson Foods Inc said on Tuesday.
The increase is “extremely unusual,” White told analysts on a conference call, because prices usually drop in the autumn. The United States also has more hogs than ever. Processors are slaughtering about 2.7 million pigs per week, up from about 2.6 million a year ago. “Since the product is being produced for export today, we are seeing product prices move higher,” White said.“We urge investors to buy here before the impact of ASF is felt,” Bernstein analysts said in a note.
From January to September, U.S. pork exports to China and Hong Kong were up 47% in volume from a year earlier. Chicago Mercantile Exchange December lean hog futures have risen about 12% since hitting a one-year low in September.
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