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Live cattle contracts hit $1.43/lb. today, highest since the contract started in 1964, according to Bloomberg's Phoebe Sedgman.
In a recent note, ConvergEx's Nick Colas explained what's going on: Although we had a normal and even wet summer last year, it takes years for pastureland — and the volume of animals grazing on them — to recover from such a severe lack of precipitation. The last three years have seen below to severely below average precipitation.
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