Chicago | Reuters — Chicago Mercantile Exchange lean hog futures rose on Friday, extending a rally that was sparked by a strong export sales report a day earlier, traders said.
A round of short covering was noted as prices moved off of the four-month lows hit on Wednesday.
Cattle futures also were firm.
The most-active December hogs contract rose 1.3 cents to settle at 73.575 cents/lb. (all figures US$). It broke through its 10-day and 40-day moving averages during the session.
In CME’s cattle markets, November feeders gained 0.575 cent, to 250.875 cents/lb. December live cattle gained 1.3 cents, to 186.675 cents/lb.
December live cattle rose above its 50-day moving average.
— Reporting for Reuters by Mark Weinraub in Chicago.
