Chicago Mercantile Exchange cattle futures made gains today as trends indicate that while contracts have backed away from record highs, market fundamentals remain solid.
Live and fed cattle futures on the Chicago Mercantile Exchange posted small gains on Friday but ended the month off the contract highs hit earlier in the week.
Live and fed cattle futures on the Chicago Mercantile Exchange backed away from their contract highs on Wednesday, as chart-based positioning weighed on values.
Live cattle futures on the Chicago Mercantile Exchange hit fresh contract highs on Monday, while feeder cattle ran into resistance and backed away from their own highs to settle with small losses.
Chicago Mercantile Exchange live and feeder cattle futures climbed to life of contract highs on Wednesday, as funds took a massive net long position, analysts said.
Chicago Mercantile Exchange cattle futures were mixed as trade resumed following the U.S. long weekend. Most active April live cattle futures closed with small losses, reaching 197.325 cents per pound, down 0.175 cents. February live cattle gained 0.300 cents to close at 197.050 cents per pound.