October 2, 2018 / 7:44 PM / 15 days ago

LIVESTOCK-CME cattle futures extend rally but fail to set new highs

CHICAGO, Oct 2 (Reuters) - Chicago Mercantile Exchange live cattle futures rose for the third day in a row on Tuesday, with the market still underpinned by the trade deal among the United States, Canada and Mexico, traders said.

But technical buying pulled prices from their highs and the market failed to take out the 5-1/2-month high hit on Monday.

CME October live cattle futures settled up 0.300 cent at 113.975 cents per pound. Most-active December ended up 0.525 cent at 119.475 cents.

CME October feeder cattle finished up 0.175 cent at 158.825 cents per pound.

CME October hogs advanced 1.675 cents to 66.425 cents per pound, but December hogs slipped 0.700 cent to 59.150.

The nearby hogs contract, which has risen for three straight days, found technical support after dipping below its 10-day moving average.

But deferred contracts weakened on technical selling, with the most-active December contract easing after hitting resistance at the high end of its 20-day Bolinger range. (Reporting by Mark Weinraub; Editing by Peter Cooney)

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