Cattle futures maintain record levels on global demand

Cattle futures remained unchanged in trading today but maintained record levels on speculation that U.S. meat exports will grow because of disruptions to global supplies.Cattle futures remained unchanged in trading today but maintained record levels on speculation that U.S. meat exports will grow because of disruptions to global supplies.

One of the biggest importers of U.S. beef, South Korea has destroyed nearly 2 million pigs and cattle - 16 percent of the country's herds and the biggest cull in its history - after an outbreak of foot-and-mouth disease was reported in November; during that month, U.S. exports of beef and pork climbed to their highest levels since 2008, government data shows.One of the biggest importers of U.S. beef, South Korea has destroyed nearly 2 million pigs and cattle - 16 percent of the country's herds and the biggest cull in its history - after an outbreak of foot-and-mouth disease was reported in November; during that month, U.S. exports of beef and pork climbed to their highest levels since 2008, government data shows.

Don Roose, the president of U.S. Commodities Inc., told Bloomberg that market fundamentals are pushing meat prices up: "The futures market is signaling that we’re going to have higher meat values. We’ve got upward pressure on the consumer’s pocketbook on food."Don Roose, the president of U.S. Commodities Inc., told Bloomberg that market fundamentals are pushing meat prices up: "The futures market is signaling that we’re going to have higher meat values. We’ve got upward pressure on the consumer’s pocketbook on food."

Today on the Chicago Mercantile Exchange, cattle futures for April delivery closed unchanged at $1.1375 a pound; earlier in trading, the commodity reached an intraday high of $1.166 a pound - the highest price for a most-active contract since it began trading in 1964.Today on the Chicago Mercantile Exchange, cattle futures for April delivery closed unchanged at $1.1375 a pound; earlier in trading, the commodity reached an intraday high of $1.166 a pound - the highest price for a most-active contract since it began trading in 1964.

The rise in global demand for meat produced in the U.S. could start affecting food prices domestically as well; restaurant chains like Ruth's Hospitality Group and Texas Roadhouse plan to boost menu prices as meat becomes increasingly expensive. The rise in global demand for meat produced in the U.S. could start affecting food prices domestically as well; restaurant chains like Ruth's Hospitality Group and Texas Roadhouse plan to boost menu prices as meat becomes increasingly expensive.