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.
Chicago Mercantile Exchange lean hog futures closed lower on Friday, continuing a streak of losses. Most active April lean hogs settled at 88.325 cents a pound, down 2.225 cents. February lean hogs closed at 81.123 cents a pound, down 1.175 cents.
Live and feeder cattle futures on the Chicago Mercantile Exchange were weaker on Thursday, as losses in the grains and oilseeds spilled into the livestock markets.