Even a boom in beef supplies hasn’t kept hedge funds from stampeding into the cattle market thanks to robust global demand for the meat.
Strong U.S. exports have helped to offset a jump in domestic supplies. Americans are chowing down on more beef and showing a particular hankering for ribs recently.
Cheaper feed supplies have helped to boost U.S. meat production. That means even after recent gains, beef prices are still below record highs set two years ago, giving the market more room to run. Money managers are taking note and piling into bets that cattle futures will keep rallying.
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