U.S. livestock: Cattle break losing streak on bargain buying

February live cattle
CME February 2019 live cattle with 20-dat moving average. (Barchart)

Chicago | Reuters — Chicago Mercantile Exchange live cattle futures rose 1.2 per cent on Monday, rebounding from five straight sessions of declines on a round of bargain buying.

Feeder cattle futures also closed higher after sinking to a one-month low during the session while lean hog futures eased.

Cattle also received support from news that the number of cattle offered for sale was down 6,200 from a week earlier, which may lend support to cash prices, said Rich Nelson, analyst at Allendale.

CME February live cattle settled up 1.275 cents at 123.2 cents/lb. (all figures US$). CME March feeder cattle were up 1.05 cents to 143.875 cents/lb.

CME February hog futures settled down 0.05 cent at 61.9 cents/lb.

— Mark Weinraub is a Reuters commodities correspondent in Chicago.

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