Cattle, Hog Futures Climb
December 14 2017 - 3:16PM
Dow Jones News
By Benjamin Parkin
Cattle futures rose on Thursday as buyers returned to the
market.
Traders reacted to chart patterns that suggested prices would
head higher, analysts said. Cattle futures fell for eight
consecutive days earlier this week, creating room for bargain
hunting.
December-dated live cattle futures rose 0.5% to $1.16275 a pound
at the Chicago Mercantile Exchange. Contracts for feeder cattle
were also higher.
The supply-and-demand outlook for the cattle market was mixed,
however. Wholesale beef prices have trended lower in December.
The week's cash trade for cattle has been slow to get going as
meatpackers and feedlots haggle over bids. Sales didn't emerge
during Thursday's session, with packers mostly bidding $114 per 100
pounds on a live basis while feedlots asked for several dollars
more.
The U.S. Department of Agriculture said that around 1,500 head
of cattle traded on Wednesday for an average of $117.64 live, in
line with a week earlier though not enough for a trend. Analysts
expected prices to fall once the bulk of the trade got started.
Hog futures also rose. The front-month CME December contract
gained 0.1% to 64.025 cents a pound, while the most-active February
contract gained 1.2% to 67.625 cents.
Wholesale pork prices were slightly higher at midday, rising 87
cents to $77.38 per 100 pounds, after sharp losses this week.
Write to Benjamin Parkin at benjamin.parkin@wsj.com
(END) Dow Jones Newswires
December 14, 2017 15:01 ET (20:01 GMT)
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