Record Beef Price Gains as Corn Cost Slows Feedlot Cattle Buying
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U.S. feedlots probably bought fewer cattle to fatten for slaughter last month as surging corn costs spurred losses, signaling smaller herds this year and further gains in beef prices that already are the highest ever.
Feedlot operators purchased about 1.646 million head, down 1.7 percent from February 2010 and the first year-over-year drop since July, according to a Bloomberg survey of 14 analysts. The U.S. Department of Agriculture will release its estimate today at 3 p.m. in Washington.