Demand for U.S. beef pushed up cattle futures for the second straight day on Wednesday, according to Bloomberg.
Midday trading had the livestock commodity up 1.1 percent, pushing it to two-week high prices of $1.8375 per pound, according to information provided by the U.S. Agriculture Department. One broker predicted meat prices will resume climbing for the remainder of the week.
"There is definitely some renewed buying interest" as reports state a declining number of animals on the market, states a Wednesday report by Troy Vetterkind of Vetterkind Cattle Brokerage.
At 1:21 p.m. on Wednesday, cattle futures increased 0.63 percent, a .75 cent lift to $1.205 per pound. Hog futures also climbed, increasing 1.57 percent, a 1.3 cent increase to 84.125 cents per pound. Cattle feed futures increased 1.22 percent, a 1.675 cent gain to $1.387 per pound.
With the Labor Day Weekend past, demand for beef has slowed since the three-day weekend marks the end of summer and the outdoor grilling season.
Dow Jones Newswires reports international buyers of meat are compensating for the slowdown in demand.
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