Businessweek reports hog futures saw its biggest drop in two weeks following decreased demand for pork products and an abundance of livestock available for slaughter.

Wholesale pork prices fell for the first time in a week last Friday. Demand has reached its peak for the year and the amount of available pork products is higher as meatpackers processed 4.2% more hogs in October than the previous month according to Lane Broadbent, a vice president of KIS Futures Inc. in Oklahoma City.

Broadbent claims the hogs needed for the upcoming Christmas holiday has already been purchased. February hog futures fell 1.2 percent on the CME, the largest decline since November 16. Hog prices remain 16 percent higher than last year.

The conflict between North Korea and South Korea, the sixth-largest buyer of U.S. pork, will hurt demand for U.S. meat products.

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Source: www.Businessweek.com