Cattle futures rose to their highest values in 14 days on Monday amid a supply reduction this week and news about last week's strong production, Reuters reports.
The hot weather has reduced the pace of pork marketing, which raised prices for hog futures.
"The market had a lot of bearish news tossed at it early last week and not only did futures not break but ended the week higher," stated David Hales in Hales Cattle Letter on Monday as cited by CattleNetwork.com.
At 5 p.m. on Monday, cattle futures gained 0.40 percent, a .00475 cent increase to $1.178 per pound. Hog futures rose 0.65 percent, a .006 cent lift to 93 cents per pound.
Two vital states renowned for large supplies of livestock reported smaller herds, Reuters reports. Supply in Nebraska slipped 25,000 to 26,000 heads while Kansas' supply figures dropped 9,000 to 10,000 heads.
Another state, Texas, saw its supply reduced to 4,800 heads.
The U.S. Agriculture Department said on Monday that 944 loads of beef were sold for shipping last week, which is an increase from 713 loads during the same period last year.
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