Chicago | Reuters — Chicago Mercantile Exchange (CME) hog and cattle futures closed mostly higher, supported by hopes for improved exports in the coming weeks, traders said.
Technical buying also helped cattle futures, which were still trading close to contract highs hit earlier in the week.
Traders also noted strength in the cash markets as factor for gains in cattle futures.
CME February hog futures settled up 0.3 cent at 64.075 cents/lb. (all figures US$). Prices peaked at 64.225 cents, their highest since Dec. 17.
“There is still optimism that we could see some meat buying by China,” said Don Roose, president of U.S. Commodities in West Des Moines, Iowa. “That’s still underneath the market.”
U.S. President Donald Trump said on Thursday the U.S. was having “tremendous success” in its trade negotiations with China, a day after U.S. and Chinese officials concluded three days of talks in Beijing.
CME February live cattle were 0.075 cent higher at 124.875 cents/lb.
CME March feeder cattle were 0.275 cent higher at 145.175 cents/lb.
The thinly traded January contract dipped slightly, closing down 0.025 cent at 146.8 cents/lb.
— Mark Weinraub is a Reuters commodities correspondent in Chicago.