Cattle futures climb to 22-month high

by Meat&Poultry Staff
Share This:
Cattle futures increased to $1 a lb., the highest price in 22 months, as rising U.S. beef prices signal growing demand for the meat. Feeder-cattle reached a three-month high, and hog futures also gained, according to Bloomberg.

U.S. Dept. of Agriculture data show wholesale beef prices have increased 5.1% since Aug. 5 and are the highest in more than two months. Industry observers are predicting that cattle futures will rise, by 57% in the past month to the highest level since May, according to the government.

Cattle futures for October delivery rose 2.05 cents, or 2.1%, to 99.52 cents a lb. 10:26 a.m. on the Chicago Mercantile Exchange (C.M.E.). Earlier, the price reached $1, the highest level for a most-active contract since Oct. 2, 2008. Before today, prices climbed 13% this year.

Wholesale beef as of yesterday was $1.58 a lb., the highest since June 8, U.S.D.A. data show.

Feeder-cattle futures for October settlement gained 1.45 cents, or 1.3%, to $1.16 a lb. on the C.M.E., after reaching $1.16, the highest level for a most-active contract since May 6.
Comment on this Article
We welcome your thoughtful comments. Please comply with our Community rules.

 

 


The views expressed in the comments section of Meat and Poultry News do not reflect those of Meat and Poultry News or its parent company, Sosland Publishing Co., Kansas City, Mo. Concern regarding a specific comment may be registered with the Editor by clicking the Report Abuse link.