Cattle futures rose the most in a week and hogs climbed on speculation that global demand for U.S. beef and pork will increase as the dollar drops and equities rally.
The dollar fell for the fourth time in five sessions against a basket of six currencies, boosting the appeal of U.S. exports. The Standard & Poor’s 500 Index gained as much as 1.3 percent. U.S. beef exports in the four months ended April 30 surged 26 percent from a year earlier, and pork exports rose 1.5 percent, the Department of Agriculture said on June 11.
Futures got “a little bit of a bounce just because of the stock market, and the dollar being down,” said Mark Schultz, a vice president at Northstar Commodity Investment Co. in Minneapolis.
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