Cattle Rally to Record as Supply May Trail Demand: Chicago Mover
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Cattle futures surged to a record for the sixth time this month on mounting signs that demand for U.S. beef will exceed production, further eroding inventories. Hog prices slipped.
U.S. feedlots bought 5.9 percent fewer cattle in December than a year earlier, the biggest drop since May, after a drought reduced available supply in Texas, the top producing state, the government said Jan. 20. The drop means fewer animals will be available for slaughter in coming months, said Paul Beere, a market adviser at Prime Agricultural Consultants Inc.