Cattle gained for the first time in nine sessions on speculation that U.S. meat processors will buy more animals after prices dropped yesterday to a five-month low. Hogs rose.
Wholesale-beef prices climbed 2.1 percent in the past two days, the biggest such gain since mid-March. Before today, the meat had dropped 5.7 percent since April 1. Rising prices may signal improved demand before the Memorial Day holiday in the U.S., celebrated on May 31.
“Wholesale prices have dropped down low enough to where the retailer is looking for supplies,” said Lawrence Kane, a market adviser at Stewart-Peterson Group in Yates City, Illinois. “At these prices, demand has probably picked up.”
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