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CME live cattle futures hit an all-time high for a front-month contract on Wednesday as meatpackers bid up livestock amid tightening supplies. April live cattle closed at 174.275 cents per pound, and choice boxed beef rose $3.38 to $298.48 per hundredweight.
Ranchers have reduced herds due to high feed costs and western US drought.
Shrinking herds mean packers must pay up for fewer animals, keeping cattle and beef prices elevated. Feeder buyers face higher replacement and feeding costs.
thecattlesite.comMelanie EppApr 12, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
