Chicago | Reuters — Chicago Mercantile Exchange cattle futures rose Wednesday, supported by weakness in corn prices that boosted expectations for lower feeding costs, traders said.
Hog futures rallied on strength in the cash markets.
CME’s most-active June live cattle contract gained 0.55 cent, to 164.575 cents, rising above its 10-day moving average (all figures US$). The front-month April live cattle contract rose 0.225 cent, to 174.525 cents/lb.
CME April feeder cattle ended up 0.6 cent at 202.675 cents/lb. Most-active August feeder cattle gained 1.45 cents, to 230.95 cents.
The August, September and October feeder cattle contracts all hit new highs during the session.
CME May lean hogs rose 1.4 cents to 78.275 cents/lb. June lean hogs rose 3.225 cents, to 90.275 cents/lb.
The June hogs contract rose above its 20- and 30-day moving averages, closing just below its session peak of 90.375, which was the highest for the contract since April 4.
— Reporting for Reuters by Mark Weinraub in Chicago.
