Commentators raised hopes for livestock and dairy prices ahead even as Genus, the livestock genetics group, cautioned of a "slowing in demand" fuelled by high grain costs and North America's drought.
Genus, reporting a 19.2% rise to £46.5m in profits for the year to June, warned that "markets became more challenging" towards the end of the period "due in large part to increased feed costs in North America caused by drought conditions and by weakening global commodity dairy prices".
Among North America's milk producers in particular, "lower milk prices towards year-end had an impact on the demand for dairy semen".
And pressure from high feed prices and depressed prices of some animal products "are likely to impact a number of our customers in the year ahead", the UK-based group said, forecasting that "this may lead to some slowing in demand".
'Prices might even rise higher'
However, the comments came amid signs of improving hopes for livestock farmers longer-term, largely based on ideas of curtailed production plans, forced by higher grain prices, supporting values further ahead.
In cattle, Arla on Monday forecast that dairy prices were to rise "significantly", while Commerzbank on Tuesday said it was upbeat over cattle prices.
The bank, noting US Department of Agriculture forecasts of a 4% drop to 24.6bn pounds in domestic beef production next year, flagged the competition ahead between feedlots and breeders for livestock as drought-prompted slaughters slow.
"The wave of unscheduled slaughtering will no doubt mean a larger supply of beef in the short term," the bank said.
"However, an increase in cattle numbers and as a consequence an increasing US beef supply is even further away now.
"Once cows are kept for breeding to replenish herds rather than for fattening up, the number of feeding cattle will be reduced, which means that in the medium-term the supply of meat will be affected."
Prices of live cattle, those fattened for slaughter, and especially those of younger, feeder cattle are to "remain at a high level in 2013" and "might even rise higher", the bank said.
'Far different story'
In lean hogs, price falls for near-term futures have been particularly severe, with Chicago's October lot losing 6.6% last month, as producers liquidate herds to save feed costs, with 2.28m head slaughtered last week, a rise of 6.8% year on year.
"The loss in lean hog futures was the largest monthly decline since 2002," Paul Georgy, president of broker Allendale, said.
However, signs of sow buying suggest that some producers "are biding their time" and preparing for a herd rebuild ahead, a briefing from Paragon Economics and Steiner Consulting said.
"One of our contacts reported that his southern Minnesota sow buyer was taking any sows that wanted to come with no waiting at all.
"That may not be universal but it is a far different story than we were hearing in July."
With herd liquidations provoking forecasts of tightened pork supplies ahead "'most everyone would like to keep breeding herds intact", the report said, noting that sows bred from now until early October would sell in June to August next year.
Lean hogs for June 2013 delivery closed on Friday at 100.15 cents a pound, a 35% premium to the spot price, with the July lot ending at 99.78 cents a pound, and the August contract at 98.40 cents a pound.
Genus, forecasting an "improving rate of growth from 2014 onwards" in its own performance as expansion emerging markets filters through, achieved particular growth in revenues from hog farmers in the year to June, rising by 13.6% to £165.5m.
This took them ahead of dairy and beef revenues, which rose 6.4% to £165.1m.
Group revenues, also including some research and development takings, rose 10.3% to £341.8m.
However, Panmure Gordon analysts, noting the setbacks from feed and currency markets to Genus's immediate prospects, restated a "sell" rating on the group's shares, with a price target of 1190p.
"While we remain confident in the long-term growth of the business, we believe the current headwinds are not reflected in a rating of 25.4 times price/earnings" for the new financial year, Panmure said.
The shares closed 3.0% lower at 1334p in London.