Cattle rose to the highest price since mid-May as demand for U.S. beef increased.
Meatpackers slaughtered 666,000 head of cattle last week, up 5% from a year earlier, the USDA said in a report. Cattle futures have jumped 9.5% this year.
“It appears the meat demand has been adequate relative to supply,” said David Kruse, the president of Commstock Investments in Royal, IA. “Meat demand has been good enough that we’ve been able to pull some inventory forward” and drive up prices for slaughter-ready animals, he said.
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