Chicago | Reuters — Chicago Mercantile Exchange hog futures rose on Friday on signs of strength in the cash market after prices had stagnated, traders said.
“Recent price weakness uncovered fresh demand, triggering buying on the board this morning that tripped buy stops, accelerating gains,” StoneX chief commodities economist Arlan Suderman wrote in a note to clients.
Cattle futures eased after early gains pushed the front-month live cattle contract to its highest in more than three weeks.
CME October lean hog futures settled 1.775 cents higher at 50.975 cents/lb. (all figures US$). Front-month August gained 1.25 cents, to 51 cents/lb.
The contract rallied through its 20-, 30-, 40- and 50-day moving averages before hitting resistance at the high end of its 20-day Bollinger range.
CME October live cattle dipped 0.525 cent to close at 106.45 cents/lb. CME August live cattle futures settled 0.175 cent higher at 102.8 cents/lb.
Benchmark September feeder cattle fell 0.75 cent to 145.125 cents/lb.
— Reporting for Reuters by Mark Weinraub in Chicago.
