Cattle Prices Rally to Six-Week High on Beef Demand; Hogs Gain
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Cattle futures rose to a six-week high on signs that slaughterhouses are boosting purchases to meet rising demand for U.S. beef. Hog prices climbed.
Meatpackers processed 377,000 head of cattle in the first three days of this week, up 1.9 percent from a week earlier, while wholesale beef climbed 0.3 percent yesterday to $1.9161 a pound, the highest since March 19, U.S. Department of Agriculture data show. Demand is increasing before the Memorial Day holiday on May 28, when many Americans grill outdoors, said Lawrence Kane, a market adviser at Stewart-Peterson Group.