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Weather Damps Demand for US Meat

July 17, 2013 at 22:47 by Vladimir Vyun

Futures for cattle dropped today on weather forecasts. Commodity Weather Group LLC reported that temperatures soared above 90 Fahrenheit (30 Celsius) and humidity increased along the East Coast, Midwest and southern Canada this week. Hot, wet weather does not encourage grilling, reducing demand for meat. The grilling season has started poorly as rains were not encouraging people to go outdoors either.

Of course, meat is also susceptible to the general uncertainty caused by the speech of Federal Reserve Chairman Ben Bernanke. The agricultural markets are mixed as some commodities demonstrate gains, while other show losses (both of which are pretty big for the most part).

October futures for delivery of cattle fell 0.6 percent to $1.26 per pound on CME today. August feeder-cattle declined 0.5 percent to $1.5172 per pound. Prices for beef dropped for the eighth consecutive day.

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