Chicago | Reuters — Chicago Mercantile Exchange live cattle futures firmed on Tuesday, bouncing back from Monday’s declines.
Traders said good profit margins at packers supported the gains.
April live cattle closed 0.9 cent/lb. higher at 118.05 cents (all figures US$). The contract hit its highest since March 21. June ended up 0.725 cent, to 104.9 cents.
CME feeder cattle were mixed, with nearby contracts weakening while deferred offerings rose. April dropped 0.5 cent/lb., to 138.725 cents.
Hog futures followed a similar pattern as the feeder cattle.
May hogs closed down 0.275 cent/lb. at 67.9 cents. Most actively traded June ended 0.05 cent lower at 76.75 cents while contracts from August onward rose.
— Reporting for Reuters by Mark Weinraub.Tagged cattle futures, closing markets, CME, feeder cattle, hog futures, hogs, live cattle