Feeder-cattle futures surged to a record to cap the longest rally in 22 years as U.S. ranchers sent fewer animals to slaughter, signaling an increase in beef costs that already are the highest ever.
CME Group Inc., the world’s largest futures market, said “technical issues” prompted it to halt trading of about two dozen contracts on its Globex futures and options markets, according to a notice on its website.
A five-bedroom house in Las Vegas sold in mid-July for $499,000, double the price it went for three months ago. In Phoenix, a similar house sold this month for $600,000, gaining $273,000 since March.
Hog futures rose to a five-week high on speculation that U.S. pork exports will increase after China, the world’s largest consumer, ended its currency peg to the dollar. Cattle also gained.
Hog futures headed for the biggest gain in five weeks as pork prices reached a two-year high amid tight supplies. Cattle also climbed.
Hog prices climbed in Chicago on signs of increasing demand for U.S. pork. Cattle also gained.
Cattle futures climbed on signs that supplies of animals are shrinking, curbing the outlook for U.S. beef production. Hog prices fell.
Tarsha Darden, a 34-year-old family doctor who lives in Virginia Beach, volunteered for President Barack Obama’s first presidential campaign. Now she doesn’t even know whether she’ll vote for him.
Hog futures dropped from a one-week high on speculation that U.S. pork exports declined even before Russia imposed a ban on the meat last month. Cattle also fell.
Cattle futures extended a rally to an all-time high as prices are poised to cap the longest string of annual gains in five decades on signs that animal supplies are shrinking.
"A tight situation gets even tighter as these heifers are held off the market for breeding purposes."
- Dennis Smith on May 01, 2014