A California rancher noted on Thursday that the number of cattle in the United States has been reduced "quite significantly" as Americans have already been facing higher prices for meat.
Less supply often leads to higher prices at the grocery store. it was said that high beef prices at the grocery store doesn’t equate to profits for ranchers who are faced with higher input costs and that for prices to come down, the drought has to subside.
Crude oil prices rise as Russia suspends exports to Europe through pipeline
Russia announced it is suspending crude oil exports through its Druzhba pipeline, leading to price increases.
The move cuts off the flow of oil to Hungary, Slovakia, and the Czech Republic. Russian pipeline operator Transneft blamed the situation on its counterpart in Ukraine.
Soon after the announcement that the Ukrainian part of the pipeline would be halted, crude oil prices jumped, with Brent crude increasing 1.36% to nearly $98 a barrel, Insider reported. WTI crude went up 1.22%, reaching almost $92 a barrel.
Dollar tumbles after cooler-than-expected US inflation data
The dollar fell more than 1 percent on Wednesday following a cooler-than-expected inflation report for July that raised expectations of a less aggressive rate hike cycle than previously anticipated from the U.S. Federal Reserve.U.S. consumer prices did not rise in July as the cost of gasoline plunged, delivering the first notable sign of relief for Americans who have watched inflation climb over the past two years. Economists polled by Reuters had forecast a 0.2% rise on the heels of a roughly 20% drop in the cost of gasoline.
The dollar index, which measures the currency's value against a basket of currencies, was down 1.128% at 105.15 at 9:00 a.m. Eastern time (1300 GMT).
SPOT MARKET BY THE HOUR AS OF GMT 09:38 08-12-22
