Speculators are abandoning money-losing positions that stocks with the closest links to the U.S. economy will fall as America’s most-hated shares stage the best rally in a year relative to the broader market.
Stockpiles of the biggest crops will decline for a third year as drought parches fields across three continents, raising food-import costs already forecast by the United Nations to reach a near-record $1.24 trillion.
The U.S. cattle herd has shrunk to the smallest since three years before Ray Kroc opened his first McDonald’s Corp. hamburger stand, reducing supply and raising prices even as domestic demand sinks to a two-decade low.
The first time mad cow disease appeared in the U.S., beef exports plunged 82%. More than eight years later, the discovery of an infected dairy cow in California may do little to prevent shipments from surging to a record for a second straight year.