Consumers can expect to pay more for their beef this coming year if the return of wetter weather allows cattle ranchers to begin rebuilding herds rather than sending cows to slaughter, a leading market analyst told hundreds of livestock producers Thursday. 

U.S. cattle and feeder cattle futures ended higher on Friday, boosted by a hot cash cattle market as beef prices try to keep pace with record-high pork.  Some of the strength in cattle also stemmed from a cutback in availability of slaughter-ready steers and heifers as excessive heat in the U.S.

The U.S. cattle herd as of July 1 probably shrunk to the smallest on record, signaling tightening beef supplies and higher costs for shoppers and companies from Tyson Foods Inc. (TSN) to Wendy's Co.

US cattle futures closed at their highest in more than a week on Tuesday as investors believe the warm, rain-free holiday weekend had revelers grilling hamburgers, steaks, hot dogs and other meats. 

Live cattle futures rallied off the session's lows on late short covering following the recent sharp break. Most-active June live cattle had fallen nearly 5% from the latest peak hit April 20 to Tuesday's low then challenged that low earlier in Thursday's session.

Buoyed by low numbers and high demand, the price of live cattle has risen to a level beef producers haven't seen since just prior to the mad cow disease scare in 2003, Dave Scott, president of Texas and Southwestern Cattle Raisers Association, said early this week.