June 17 (Bloomberg) -- Cattle prices rose for the first time in four sessions on signs of increasing demand for U.S. beef. Hog futures were steady.
Wholesale beef rose 0.9 percent to $2.0133 a pound as of midday, heading for the biggest increase since May 15, U.S. Department of Agriculture data show. Independence Day on July 4 is the most-popular day for outdoor grilling, according to the Hearth, Patio and Barbecue Association.
“There’s still probably some retail shopping to be done on that end of it to get some of their needs met” for the Fourth of July holiday, Lane Broadbent, a vice president at KIS Futures Inc. in Oklahoma City, said in a telephone interview. “That’s a positive sign that we still see these beef values pretty strong.”
Cattle futures for August delivery rose 0.8 percent to settle at $1.1925 a pound at 1 p.m. on the Chicago Mercantile Exchange. Prices fell 1.1 percent in the previous three sessions.
Feeder-cattle futures for August settlement climbed 0.8 percent to $1.44525 a pound.
Hog futures for August settlement fell 0.1 percent to 96.65 cents a pound in Chicago. The August contract is up 0.2 percent this year.
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