Chicago | Reuters — Chicago Mercantile Exchange live cattle futures settled close to unchanged on Monday, with attempts at a bargain-buying rally fizzling out after hitting some key resistance points.
Hog futures were lower, notching their third straight day of declines on a technical setback.
Cattle futures had weakened along with corn futures to end last week, bottoming out at their lowest since May 6.
The nearby June live cattle contract ended slightly higher but closed well below its session peak after failing to break through its 20-day moving average. Most-active August live cattle futures hit resistance at their 50-day moving average.
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Cattle futures climbed again on Friday as USDA data showed a continued decline in cattle on feed. Hogs also rose.
CME June live cattle futures settled up 0.05 cent at 115.35 cents/lb. (all figures US$). August live cattle dipped 0.4 cent, to 118.425 cents.
August feeder cattle rose 1.6 cents to 152.75 cents/lb.
Feeder cattle benefited from last week’s sharp decline in the corn market, which can boost profit margins for livestock producers.
In the lean hog market, CME June futures settled down 0.075 cent at 108.65 cents/lb. The contract failed to hold support above its 20-day moving average.
— Mark Weinraub is a Reuters commodities correspondent in Chicago.
