Speculation about grocers needing to restock shelves helped drive up cattle futures the most in 21 days as hog futures also gained in value. The U.S. Agriculture Department said prices of wholesale beef have gained 11 percent during the past 12 months.
"When we come back from the holiday, we're going to run into tighter fed-cattle supplies, better beef demand and usage going into the fall," Troy Vetterkind, president of Vetterkind Cattle Brokerage in Chicago, told Bloomberg. "You can make a case for being friendly the cattle market."
At 5 p.m. on Friday, cattle futures gained 1.06 percent, a 1.2 cent increase to $1.148 per pound. Cattle feeder futures rose 0.13 percent, a 0.175 lift to $1.3295 per pound. Hog futures climbed 1.34 percent, a 1.1 cent uptick to 83.1 cents per pound.
Though preoccupations about the slumping U.S. economy are spreading and picking up momentum, prices for livestock futures still drove higher on Friday, according to Dow Jones Newswires.
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