Cattle Rises as U.S. Beef-Export Demand Increases; Hogs Gain
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Cattle futures rose, capping the biggest annual gain in 32 years, on signs that demand for U.S. beef exports is increasing as the dollar slumps. Hogs also climbed.
The greenback fell for a seventh session against a basket of major currencies. U.S. exporters sold 17,703 metric tons of beef in the week ended Dec. 23, the most since mid-October, the Department of Agriculture said yesterday. Spot-cattle prices have jumped to the highest since October 2003, and wholesale choice beef climbed for four straight days, USDA data show.