U.S. livestock: CME cattle futures extend rally

(Photo courtesy Canada Beef Inc.)

Chicago | Reuters — Chicago Mercantile Exchange live cattle futures rose for the third day in a row on Tuesday, with the market still underpinned by the trade deal among the U.S., Canada and Mexico, traders said.

But technical buying pulled prices from their highs and the market failed to take out the 5-1/2-month high hit on Monday.

CME October live cattle futures settled up 0.3 cent at 113.975 cents/lb. (all figures US$). Most-active December ended up 0.525 cent, at 119.475 cents.

CME October feeder cattle finished up 0.175 cent at 158.825 cents/lb.

CME October hogs advanced 1.675 cents to 66.425 cents/lb., but December hogs slipped 0.7 cent, to 59.15.

The nearby hogs contract, which has risen for three straight days, found technical support after dipping below its 10-day moving average.

But deferred contracts weakened on technical selling, with the most-active December contract easing after hitting resistance at the high end of its 20-day Bollinger range.

— Reporting for Reuters by Mark Weinraub in Chicago.

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