Chicago | Reuters — CME Group cattle futures contracts rallied on Friday as a government forecast for a record-large U.S. corn harvest raised expectations that feeding costs will weaken as the supply base rises.
Hog futures ended firm on signs of improving values in the cash market, traders said.
Most actively traded June lean hog futures rose 0.225 cent to settle at 84.1 cents/lb. (all figures US$). The contract posted a weekly gain of 0.4 per cent.
August feeder cattle gained 2.9 cents, to 228.975 cents/lb. The contract found technical support at its 10-day moving average and rose above its 20-day moving average during the session.
June live cattle rose 1.45 cents to 164.4 cents/lb., breaking through resistance at its 30-day and 20-day moving averages.
August feeder cattle jumped 3.4 per cent this week, while June live cattle gained 1.5 per cent. The June live cattle contract has risen in seven of the last eight weeks.
— Mark Weinraub is a Reuters commodities correspondent in Chicago.
