Higher meat prices could be on the way, a report Friday suggested.
The U.S. Department of Agriculture said 11 percent fewer cattle moved from grazing into feedlots during May from the same period last year. The smaller number of "feeders" reflects fewer calves being born during the last year as cattle producers tighten their herds in the face of the doubling of corn prices.
Anticipation of the report had touched off a "Father's Day rally" Thursday and Friday in livestock markets on the eve of what is traditionally one of the busiest backyard grilling weekends of the year.
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