January 10, 2019 / 8:47 PM / 9 days ago

LIVESTOCK-Hog, cattle futures rise as export hopes remain

    By Mark Weinraub
    CHICAGO, Jan 10 (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 0.300 cent at
64.075 cents per pound. 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 United
States 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 per pound.
    CME March feeder cattle         were 0.275 cent higher at
145.175 cents per pound.
    The thinly traded January contract         dipped slightly,
closing down 0.025 cent at 146.800 cents per pound.

 (Reporting by Mark Weinraub; editing by Jonathan Oatis)
  
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