U.S. consumers, buoyed by optimism about the economy as well as record warm temperatures in February, have been buying up burgers like it's summertime.
Beef is on a roll, with wholesale prices rallying to the most expensive since July. It's surprising because the usual time for outdoor barbecues typically kicks off closer to May.
And it's not just grilling that's propping up beef prices. People are getting out the house more often to enjoy the weather, frequenting restaurants and ordering up premium cuts such as steaks. Overseas demand has also risen, with a boom in shipments to countries including Japan and South Korea. All that is chipping away at bigger production and drawing the interest of hedge funds. Money managers added to their bullish bets on cattle for the first time in four weeks.
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