00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Beef prices reached record highs as tightening supply pushed live cattle futures to $2.51 per
00:08pound at CME Group, the highest level on record dating back to the 1960s, according to CNBC.
00:14Each contract represents 40,000 pounds of live cattle, or about 30 to 35 slaughter-ready animals.
00:21Prices rose more than 25% over the past year as ranchers reduced herd sizes and costs increased.
00:28Cattle slaughter fell to 2.2 million head in March from 2.5 million a year earlier, while
00:34beef production declined to 1.9 million pounds.
00:37The U.S. cattle herd is at its smallest level since the 1950s, when the population was about
00:42half its current size.
00:44Ground beef prices rose to about $6.70 per pound in March, up about 12% year over year.
00:51Demand has remained steady, while analysts warned restaurant chains with heavy beef exposure
00:55could face weaker sales.
00:57For all things money, visit Benzinga.com.
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