Cattle futures climbed for the first time in three sessions Wednesday as a slumping dollar revived prospects for U.S. meat exports amid signs the economy is recovering.
The greenback fell to the lowest level since January against a basket of six major currencies. A gauge of service industries showed stronger-than-forecast expansion in the U.S., signaling a pickup in the economy that may spur consumption of pork and beef.
“If our economy is gaining traction, it’ll certainly support the idea of improving meat demand,” says Dennis Smith, a senior account executive at Archer Financial Services Inc. in Chicago. “The dollar’s down to new lows. It should support our export business with these meats.”
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