FINANCIAL MARKETS : Commodities : Herd News Sends Pork Futures Up

Pork futures climbed the limit allowed for daily trading Thursday while cattle futures fluctuated wildly.

Grain and soybean futures were sharply higher.

Brisk buying in the live hog and frozen pork belly pits of the Chicago Mercantile Exchange was linked to Wednesday’s government report showing a 9% expansion in the nation’s hog herd, said Philip Stanley, an analyst in Chicago with Thomson McKinnon Securities Inc.

Live hogs bounced back to settle up the 1.5 cents a pound limit on the nearby October contract; bellies were up the 2 cents a pound limit on four of the five contracts traded.

Live cattle settled 0.20 cent to 0.47 cent higher with the contract for delivery in October at 67.90 cents a pound; feeder cattle were unchanged to 0.30 cent higher with October at 78.47 cents a pound; live hogs were 0.88 cent to 1.5 cents higher with October at 49.07 cents a pound, and frozen pork bellies were 1.85 cents to 2 cents higher with February at 58.92 cents a pound.

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