Commodity Wrap: Beef export predictions

The rise stems from the opening of the South Korean market to U.S. beef. Last month, South Korea said it would begin allowing imports of bone-in beef from the U.S. The country had banned that type of beef from the U.S. more than four years ago after a mad cow disease outbreak in the U.S.

In its monthly Livestock, Dairy and Poultry Outlook report, the USDA said demand for beef in Korea should be strong. Overall, the department said beef exports to all destinations are expected to grow 14 percent in 2009.

Those estimates, if they hold true, could help Tyson Foods Inc., one of the world's largest meat producers, grow profit.

Tyson shares rose 5 percent this week to close at $18.26 Friday.

In other commodity news this week, wheat prices fell to a five-month low Wednesday as investors bet that crop yields in the U.S. will be high enough to meet demand and ease price increases wheat-based products.

Wheat for July delivery fell to $7.63 a bushel, its lowest level since December, on the Chicago Board of Trade that day. Wheat prices have skyrocketed in the past year due to supply concerns stemming from bad weather.