U.S. cattle prices soared this week as the number of steers and heifers being fattened for slaughter fell, a sign of shrinking supplies and higher beef prices ahead.
Live cattle for June delivery rose 0.9% to $1.1225 a pound Thursday on the Chicago Mercantile Exchange, bucking a selloff in most other commodities.
Cattle prices have climbed more than 4% over the past week, driven by strong wholesale prices—those paid by grocery-store chains and restaurants—and data foreshadowing a decline in the number of cattle available to packers, who butcher and ship cuts to stores.
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