Cattle futures rose to the highest price since August 2008 on signs of rising demand for U.S. meat, including from China, amid limited supplies. Hogs reached a four-month high.
China will boost reserves of food staples including meat, Minister of Commerce Chen Deming said in a statement on the agency’s website. The rebuilding of China’s commodity inventories provides “a tremendous amount of underlying support” for prices, said Lawrence Kane, a market adviser at Stewart-Peterson Group in Yates City, Illinois.
“Cattle are just on a run here,” Kane said. “We’re moving beef internationally. We’ve got good demand with a limited amount of beef.”
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