Chicago Mercantile Exchange live cattle and lean hog futures rose to life-of-contract highs on Tuesday, lifted by investment fund buying linked to optimism that meat prices will continue to rise, traders said.
Chicago Mercantile Exchange February live cattle futures fell on Friday for a seventh straight session on technical selling including fund long liquidation and uncertainty about near-term beef demand, traders said.
U.S. livestock futures were mostly higher on Wednesday, with both cattle and hogs recovering from recent lows on bargain buying and positioning ahead of government supply data, traders and analysts said.
Chicago Mercantile Exchange live cattle futures bounced on Thursday on technical buying and short-covering following three days of steep declines that had sliced prices by more than 5 percent, traders said.
Producers watch to see if retail beef demand will continue its slow decline as consumers’ freezers are now packed with meat. There’s a discussion on market manipulation and if there’s a need for an investigation.