Beef king sees record rally extended as ranchers struggle

JBS SA, the biggest beef producer, says a record price surge isn’t over as ranchers struggle to satisfy demand, fueled by an expanding middle class in China. The U.S. cattle herd as of Jan. 1 was the smallest since 1951. The Australia herd is forecast to drop to a two-decade low in 2015 and the Argentine output has fallen 13 percent since 2005 after the government imposed a 15 percent levy on exports. Read more at Bloomberg…