January 9, 2019 / 8:32 PM / 5 months ago

LIVESTOCK-Cattle futures ease after rally; hog futures firm

    By Mark Weinraub
    CHICAGO, Jan 9 (Reuters) - Chicago Mercantile Exchange (CME)
hog futures rose 2.1 percent to their highest in more than three
weeks on Wednesday.
    Cattle futures were weaker, pressured by profit-taking after
the front-month February live-cattle contract         hit an
all-time high on Tuesday.
    "There was no fundamental line item to go with it yesterday
so today was a pause or a back and fill session," said Dennis
Smith, a broker with Archer Financial Services. "People squared
things up a bit, maybe took some profits."
    Hog contracts received support from optimism about
U.S.-China trade talks.
    CME February hog futures         settled up 1.175 cent at
63.775 cents per pound. Prices peaked at 64.100 cents, their
highest since Dec. 17.
    U.S.-China trade talks ended on Wednesday with negotiators
focused on Beijing's pledge to buy "a substantial amount" of
agricultural, energy and manufactured goods and services from
the United States, the U.S. Trade Representative's office said.
            
    CME February live cattle         dropped 0.50 cent to
124.800 cents per pound.
    CME March feeder cattle         was 0.550 cent lower at
144.900 cents per pound.

 (Reporting by Mark Weinraub; Editing by Richard Chang)
  
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