CHICAGO – U.S. beef prices jumped to a 10-year high on Wednesday as the arrival of warm, dry weather over much of the country will have backyard chefs firing up grills and throwing on steaks and hamburgers, analysts said.
Until this week, spring weather has been a mixture of cold, snow, frost and rain, none of which is conducive for picnics or backyard cookouts. But as temperatures rose across much of the country this week, reaching the 80s Fahrenheit in Chicago, analysts expect a seasonal surge in beef sales.
The wholesale price choice beef, or cutout, on Wednesday jumped $3.10 to $199.49 per 100 lbs (cwt), the highest since $200.65 on Oct 20, 2003, according to U.S. Department of Agriculture data.
"We've not yet seen the big demand push we normally get by this time of year because of weather issues. But the cutout surge suggests a kick-start for grilling, Mother's Day features and Memorial Day bookings," said Don Roose, analyst with U.S. Commodities in Des Moines, Iowa.
To read the rest of the story, please go to: Reuters
