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Cattle at Record on Prospect for Growing Export of Beef

October 15, 2011 at 5:46 by Vladimir Vyun

Cattle prices posted a record for the second time this month as prospects of rising beef exports from the US spurred the speculation about tightening supply.

US exports of beef rose 27 percent over the year ended August. The US Department of Agriculture predicted production of beef will decline 4.9 percent in 2012 as high feed costs caused farmers to trim their herds.

The positive fundamental reports from the US helped commodities, including cattle. The retail sales rose, the import and export prices increased, while the federal budget deficit shrank.

December futures for cattle delivery rose 0.3 percent to $1.232 per pound as of 13:00 yesterday on CME, following the advance to the all-time record $1.243. Prices advanced 1.1 percent over this week. The previous all-time high was reached on October 3.

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