Livestock and meat prices surged for the third consecutive session on the Chicago Merc amid concerns about hog supplies.
The report showed that farmers are expanding the nation's hog supply, but not as vigorously as many experts believed.
A Government report showed the nation's hog supply was growing less than believed.
Pork futures prices rose sharply amid indications that a seasonal downturn in hog supplies had begun.
Pork belly futures sank to their lowest price in nearly five years as a result of the nation's hefty hog supply.
Livestock and meat prices surged yesterday for the third consecutive session at the Chicago Mercantile Exchange amid concerns about tight hog supplies.
Hog and pork prices rocketed higher this spring in reaction to tight hog supplies.
Pork futures were down sharply because of concerns about the nation's large hog supply, he said.
Four companies now account for nearly 20 percent of the nation's hog supply, and four big meatpackers slaughter about 60 percent of the nation's pork.
Prices of pork futures rose sharply yesterday on a combination of technical factors and indications that a seasonal downturn in hog supplies had begun, analysts said.
