Cattle futures surged to a record on bets that meat demand in Japan will increase amid concerns that farmland and animals were tainted after the March 11 earthquake and tsunami damaged nuclear units.
Retail-beef prices in the U.S. last month climbed to an all-time high. The nation’s cattle herd dwindled to the lowest since 1958, and meat exports have surged, spurred by a demand in emerging markets. Shrinking domestic supplies are increasing costs for supermarkets and restaurants.
Tyson Foods Inc. (TSN), the largest U.S. meat processor, said today that Japan may increase imports in the short term. Global food prices jumped 25 percent in 2010 and climbed to a record last month, according to a United Nations index. Surging costs contributed to uprisings in northern Africa and the Middle East that toppled leaders in Egypt and Tunisia.
To read the rest of the story, please go to: Bloomberg
