Live cattle hit 2-week high on technicals, beef demand

Chicago Mercantile Exchange live cattle futures climbed to a two-week high on Monday, buoyed by technical buying and ideas that strong consumer demand for beef would continue, traders and analysts said.

Feeder cattle were narrowly lower and lean hog futures nearly unchanged, with little fresh news to alter the momentum for the three livestock futures contracts.

Front-month October live cattle gained for the third straight session, settling up 0.400 cent to 111.425 cents per pound. Most-active December cattle ended unchanged at 116.925 cents.

CME November feeder cattle eased 0.250 cent to 155.500 cents per pound.

Source: Reuters (via Drovers)