Chicago | Reuters — U.S. cattle futures rose on Wednesday, rebounding from Tuesday’s downturn, while hog futures eased.
Traders said that signs of strength in the cash market added support to the strength in both live and feeder cattle contracts. Technical buyers also helped pushed prices higher after early signs of strength.
Chicago Mercantile Exchange (CME) February live cattle futures ended up 0.75 cent at 125.325 cents/lb., rising above its five-day, 20-day and 30-day moving averages (all figures US$).
January feeder cattle futures rose 1.125 cents to 142.775 cents/lb. The contract rallied through its 20-day, 40-day and 50-day moving averages, closing just below its session peak of 142.925 cents.
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CME lean hogs for February delivery fell 0.25 cent to 67.725 cents/lb. The contract faced technical resistance at its 20-day moving average, a level it has not closed above since Nov. 14.
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