February 28, 2018 / 1:15 AM / 10 months ago

LIVESTOCK-Live cattle futures climb on technical buying

    By Julie Ingwersen
    CHICAGO, Feb 27 (Reuters) - Chicago Mercantile Exchange live
cattle futures         closed higher Tuesday on technical
buying, halting a four-session slide that drove the benchmark
April contract        to a two-week low a day earlier.
    But the contract closed well off its session high, paring
gains as cattle traders reacted to a firmer U.S. dollar and
declines on Wall Street tied to concerns about rising U.S.
interest rates.             
    A drop in equities indexes can raise worries about consumer
demand for beef.
    "We are watching the stock market and crude looking a little
ugly; that is something that has been on the cattle market's
radar ... We did see the cattle market come under (pressure)
when we were taking a dip in the equities," said Craig VanDyke
with Top Third Ag Marketing in Chicago. 
    Most-active CME April live cattle        settled up 0.250
cent at 124.250 cents per pound, after reaching a session high
of 125.675.
    CME April feeder cattle        settled up 1.250 cent at
149.200 cents per pound and front-month March feeders       
finished up 1 cent at 146.550.
    The February live cattle contract        expires on
Wednesday, and that factor, coupled with the last trading day of
the month, could boost market volatility, VanDyke said. 
    Hog futures closed steady to weaker, with CME April lean
hogs        ending unchanged at 69.950 cents per pound.

 (Reporting by Julie Ingwersen)
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