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Cattle Futures Heads for Longest Rally in Five Decades

Cattle futures extended a rally to an all-time high as prices are poised to cap the longest string of annual gains in five decades on signs that animal supplies are shrinking.

This month, the number of cattle in American feedlots was the second-lowest on record, government data showed Dec. 20. Beef output in the U.S., the world’s biggest producer, may slump