U.S. livestock: Hog, cattle futures rise on bargain buying

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Chicago | Reuters — CME live cattle futures rose on Friday on some bargain buying but still posted their first weekly loss in five weeks, traders said.

Bargain buying also supported hog futures, which had posted lower closes in seven of the previous eight sessions.

Signs of weakness in the cash markets kept a lid on the gains.

Chicago Mercantile Exchange (CME) February lean hogs rose 1.625 cents, to 67.925 cents/lb. (all figures US$).

The contract, which fell 1.1 per cent this week, rose above its 20-, 30-, 40- and 50-day moving averages during the session.

April live cattle futures ended 0.975 cent higher at 118.2 cents/lb., settling above its 30-, 40- and 50-day moving averages.

For the week, the contract dropped 0.9 per cent, its biggest weekly loss since the week ended Nov. 5.

March feeder cattle gained 2.45 cents, to 135.825 cents.

— Reporting for Reuters by Mark Weinraub in Chicago.

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