January 29, 2018 / 10:45 PM / 3 months ago

LIVESTOCK-CME live cattle futures rise, buoyed by strong cash trade

    By Julie Ingwersen
    CHICAGO, Jan 29 (Reuters) - Chicago Mercantile Exchange live
cattle futures rose on Monday, riding a tailwind from Friday's
higher-than-expected prices for market-ready, or cash, cattle,
traders said.
    February         live cattle finished 1.100 cents per pound
higher at 125.700 cents and most-active April         settled up
0.375 cents at 125.000 cents.   
    After futures closed on Friday, cash cattle traded at $126
per cwt in Kansas, up $3 from a week earlier.  
    "Guys are still very happy with the cash finding good
support," said Jason Roose of Iowa-based U.S. Commodities. 
    The strong cash prices overshadowed bearish data in the U.S.
Department of Agriculture's monthly Cattle on Feed report,
released after Friday's close. 
    The government said U.S. ranchers sent nearly 1 percent more
cattle to U.S. feedlots in December than the same time a year
earlier, topping most analysts' expectations.             
    "Overall, we've shown good demand with a bigger supply (of
cattle). Slaughter numbers continue to be aggressive," Roose
said.
    CME feeder cattle also ended higher, led by strength in live
cattle futures. March         feeders ended 0.275 cents higher
at 147.000 cents, paring gains after the contract reached
149.475 cents, a near two-month top.
    CME lean hogs settled mixed. February lean hog futures
       rose 0.125 cent at 72.400 cents per pound while
most-active April hogs        declined 0.375 cent to settle at
73.425.

 (Reporting by Julie Ingwersen)
  
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