CHICAGO – U.S. cattle futures traded higher early on Tuesday as investors bet that a warm, rain-free holiday weekend over much of the United States had millions of Americans grilling beef steaks on backyard grills.
A higher stock market, boosted by growth in U.S. manufacturing, also helped guide cattle higher.
Meat dealers said it would be later on Tuesday before they can accurately access beef sales during the three-day weekend, but traders and analysts already were predicting brisk sales, largely because of the mild weather.
As a result, restocking supermarket meat cases should be supportive to beef prices, they said.
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