Worries about cattle supplies slipping later this year helped push cattle futures to a four week high on Friday, Bloomberg reports.
This past May, 1.81 million head of cattle was purchased, which represents an 11 percent reduction from May 2010 when 2.03 million were bought, according to the U.S. Agriculture Department. Once regular trading closed, the price of cattle futures notched $1.10425 per pound, which is the top price for the most active contract since mid May.
"Movement of beef has really been good this week," said Mark Schultz, the chief analyst at Northstar Commodity Investment Co. in Minneapolis. "It might be sign of better things to come down the road."
At 2:53 p.m. on Friday, cattle futures gained 2.2 percent, a .02375 cent climb to $1.110225 per pound.
Hog futures, which are having a productive week and are up about 15 percent during the past 12 months, slipped on Friday. At 2:51 p.m., hog futures were down 0.45 percent, a .00425 drop to 94.8 cents per pound.
Reuters reports cattle futures' weekly gain was about 6.5 percent, representing the largest since 2008.
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