Cash cattle prices hit record
Meatpacking plants paid $1.32 a pound on Wednesday for slaughter-ready cattle in Texas, a record for the state, and in Kansas as the price of beef increased, traders said.
The high price is a combination of the smaller U.S. cattle herd and rising wholesale beef prices, an indicator of demand for the meat. Choice beef prices on Tuesday rose 0.5% to $1.9933 a pound while select cuts gained 0.8% to $1.8303 a pound, according to the U.S. Department of Agriculture. Cattle reportedly sold at $2.08 a pound on a dressed basis.
Cash prices last March reached $1.32 a pound in Kansas and Nebraska, traders said.
Cattle slaughter on Wednesday is estimated at 122,000 head, on par with a week earlier, and up from 115,187 head on the same date in 2012, according to a survey of analysts.
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(END) Dow Jones Newswires
October 23, 2013 12:20 ET (16:20 GMT)