The Thursday trading session saw cattle futures surging toward their top climb in about seven days amid indications that demand for U.S. beef was on the rise due to more comfortable weather prompting grilling, according to Bloomberg.
The first three days of this week had meat packers process 369,000 cattle during the first three days, representing an increase of 0.5 percent as compared to one week prior and 0.8 percent more than the same period last year.
"When you've got better meat prices, cash can follow that, and those fundamentals can help the futures rally too," grain and livestock adviser Paul Beere with Prime Agricultural Consultants in Brookfield, Wisconsin, told the news source on Thursday. "It's the temperatures warming up, and you're starting to see people grill out."
At 1:24 p.m. on Thursday, cattle futures rose 1 percent, a 0.0123-cent increase to $1.237 per pound.
The Business Recorder reports the strong performance of cattle futures on Thursday follows Wednesday's bullish trading session, when the agricultural commodity pushed to its highest value in about 10 years as much of the U.S. enjoyed seasonable weather.
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