Cattle Plunges as Stock Market Slump Raises Beef Demand Concerns

Cattle Plunges as Stock Market Slump Raises Beef Demand Concerns
US

(Bloomberg) — Cattle futures are dropping as a falling stock market prompts worries that consumers will pull back from high-priced beef.

Most Read from Bloomberg

Sales of steak typically increase when equity markets rise and with stocks selling off after a weak US jobs report, prices for cattle are tracking the downturn.

“There is no question the cattle market is sensitive to economic fears,” Hightower Report said in a Friday note. “Consumer beef demand is in question.”

Live cattle in Chicago has dropped as much as 4% in the past three days, the biggest such decline since November. Retail beef prices are still the highest ever with the American herd the smallest in decades.

Most Read from Bloomberg Businessweek

©2024 Bloomberg L.P.

Read original article here.

Products You May Like

Articles You May Like

Astronauts on ISS Share Christmas Cheer with Floating Candy Canes and Festivities
Sonic 3 Races Past $200M; Mufasa Roars To $328M, Moana 2 Nears $900M 
Starmer throws down gauntlet to watchdogs with growth edict | Money News
UK economy heading for ‘worst of all worlds’, CBI warns – as businesses expect fall in activity | Politics News
Dress Code: Golf | FashionBeans