Prices for select-grade U.S. wholesale beef hit a record-high on Wednesday for the fourth straight day, as shipments of the meat slowed after a historic winter storm in the United States prompted a surge in live cattle prices, analysts said.
Higher-quality "choice" beef prices also climbed, rising to the loftiest levels since hitting an all-time high in May, 2013, U.S. Agriculture Department data showed.
"Supplies are tight and demand is relatively strong," said Dan Vaught, economist with Doane Advisory Services in St. Louis.
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