Cattle futures rose, capping the biggest annual gain in 32 years, on signs that demand for U.S. beef exports is increasing as the dollar slumps.
The greenback fell for a seventh session against a basket of major currencies. U.S. exporters sold 17,703 metric tons of beef in the week ended Dec. 23, the most since mid-October, USDA said. Spot-cattle prices have jumped to the highest since October 2003, and wholesale choice beef climbed for four straight days, USDA data show.
“It’s a demand-led market,” says Mark Schultz, the chief analyst at Northstar Commodity Investment Co. in Minneapolis, MN. “With the lower dollar, the appetite for beef globally and U.S. export demand continues to be very good.”
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