On Monday, after reaching a new high fueled in part by Friday's bullish U.S. Department of Agriculture cattle report, the Chicago Mercantile Exchange live cattle settled mixed. Friday's report showed an above-forecast decrease in the number of cattle moved into feedlots last month after adequate grazing land allowed more time for animals to be fattened outside of feed yards, reports Reuters.
Monday morning's choice wholesale beef price was up $1.39 per cwt from Friday to a record $258.77. The U.S. Department of Agriculture said.Select beef reached $1.71 to a new top of $256.04.
Beef supplies are predicted to drop by next year, as cattle can take as long as two years before they are ready for slaughter.
Ron Plain, an agricultural economist at the University of Missouri in Columbia. said, "Consumers will eat less beef next year than this year. Whether pork fills in that gap largely is going to do with how well we manage the PED virus. There's a good chance pork will fill in some of that reduction in beef consumption," according to Bloomberg.
Cattle futures for October delivery were down 0.2 percent to $1.595 a pound in Chicago. The price has previously increased as much as 0.6 percent to a record $1.6075.
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