Cattle futures jump as global demand for the meat rises

Cattle futures climbed today in trading on news of rising demand for U.S. meat - especially from China - and dwindling supplies.Cattle futures climbed today in trading on news of rising demand for U.S. meat - especially from China - and dwindling supplies.

Cattle futures rose to their highest levels since August 2008 as China announced plans to boost reserves of food staples, like meat, in a statement from the country's Minister of Commerce, Chen Deming. Lawrence Kane, a market adviser at Stewart-Peterson Group, told Bloomberg that China's attempts to restock its commodity inventories presents "a tremendous amount of underlying support" for higher prices. The increased global demand will help U.S. farmers, who are currently experiencing "good demand with a limited amount of beef," according to Kane.Cattle futures rose to their highest levels since August 2008 as China announced plans to boost reserves of food staples, like meat, in a statement from the country's Minister of Commerce, Chen Deming. Lawrence Kane, a market adviser at Stewart-Peterson Group, told Bloomberg that China's attempts to restock its commodity inventories presents "a tremendous amount of underlying support" for higher prices. The increased global demand will help U.S. farmers, who are currently experiencing "good demand with a limited amount of beef," according to Kane.

Today on the Chicago Mercantile Exchange, cattle futures for February delivery shot up 1.7 percent, or 1.75 cents, to settle at $1.0755 a pound. Earlier in trading, the commodity reached an intraday high of $1.088, the highest value for a most-active contract since August of 2008.Today on the Chicago Mercantile Exchange, cattle futures for February delivery shot up 1.7 percent, or 1.75 cents, to settle at $1.0755 a pound. Earlier in trading, the commodity reached an intraday high of $1.088, the highest value for a most-active contract since August of 2008.

For the year, cattle has risen 25 percent in value. The U.S. Department of Agriculture released data that shows exports of the meat increased by 17 percent in the first 10 months ended October 31 of this year. For the year, cattle has risen 25 percent in value. The U.S. Department of Agriculture released data that shows exports of the meat increased by 17 percent in the first 10 months ended October 31 of this year.