Heightened demand for U.S. beef pushed up cattle futures on Thursday while hog futures also rose, Bloomberg reports.
During the month leading to July 14, sales for the export of beef increased 51 percent as compared to the same period one year earlier, according to data from the U.S. government. Japan purchased nearly 9.2 million pounds. In the first five months of 2011, exporters sent 1.09 billion pounds of beef from the U.S., 27 percent more than the same period during 2010.
Information regarding exports was "good news for the market," senior account executive Dennis Smith of Archer Financial Services told the news service. "We were hearing that the export business was going really well."
At 2:48 p.m. on Thursday, cattle futures rose 0.22 percent, a .0025 cent rise to $1.1555 per pound. At 2:57 p.m., hog futures increased 0.36 percent, a .00325 cent lift to .90725 cents per pound.
But the U.S. inventory of cattle and calves livestock is down by about 1.4 percent from the year prior, CattleNetwork.com reports, citing information from Dow Jones Newswires. On July 1, the U.S. had 99.69 million head.
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