The world is gorging on beef and U.S. producers are cashing in, with exports up 50% in November over the previous year, according to the U.S. Meat Export Federation (USMEF).
South Korea was a huge customer, doubling its orders of U.S. beef. South American markets have been particularly strong, with a 32% increase. The China/Hong Kong market was up 11% in November.
The increased demand for U.S. beef is reflected in recent record prices in the Chicago futures markets.
Live cattle, those ready for the slaughterhouse, have increased in price from $91/cwt. a year ago to $114.17 for April delivery.
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