The U.S. Department of Agriculture forecasts higher livestock prices this year, saying cattle ready for slaughter will be 20 percent higher this year than in 2010 and live hogs for slaughter will be up 18 percent from a year ago.
The USDA’s predictions, increased from the last forecast a month ago, have come amidst record high cattle and near-record hog prices in the last month as slaughter supplies have tightened due to strong domestic and export demand and smaller herds of both cattle and hogs.
The USDA predicts beef exports, which rose more than 33 percent last year, to increase another 8 per cent in 2011. Pork exports will rise 11 percent from the 2010 level.
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