From Reuters (Africa):
CME Globex cattle stampede to all-time high
...MORELIVE CATTLE - At 8:35 a.m. CST (1435 GMT), April up 0.275 cent per lb at 130.025 cents and June up 0.225 cent at 127.425 cents. * Cash cattle so far traded at mostly $128 per cwt, which was down $1 in Texas and Kansas but up $1 in Nebraska. * The showlists, the number of cattle available for sale, were up in the southern Plains while down slightly in Nebraska, an analyst said. * Bullish traders contend the early-week sale of cattle signals packers are gearing up for spring grilling features by retailers. * Profit-taking and disappointing weekly export news tempered market advances. * USDA's weekly export beef sales data showed net sales at 13,200 tonnes, mostly to South Korea, compared with 28,600 a week ago.
Here are Kourtney, Khloé and Kim discussing substitution effects: