January 26, 2018 / 9:24 PM / a month ago

LIVESTOCK-Cattle rebounds after sharp drop; hogs weak

    CHICAGO, Jan 26 (Reuters) - Chicago Mercantile Exchange live
cattle futures rose on Friday, with strength in the cash market
underpinning a technical rebound from Thursday's sharp decline,
traders said.
    "We had a break that was a surprisingly quick break from the
top," said Don Roose, president of U.S. Commodities. "Today we
brought back the technical buying because of where the
fundamentals are sitting."
    February         live cattle finished 2.125 cents per pound
higher at 124.600 cents. April         ended up 2.025 cents at
124.625 cents.
    After futures closed on Friday slaughter-ready, or cash,
cattle traded at $126 per cwt in Kansas, up $3 from a week ago.
Remaining cash cattle bids in the U.S. Plains were at $123
versus up to $127 asking prices.
    Live cattle futures        have risen in nine out of the
last 11 sessions, gaining 6 percent during the rally - partly
driven by the slumping dollar, which makes U.S. goods more
attractive to foreign buyers.
    Some investors may view Friday afternoon's U.S. Department
of Agriculture monthly Cattle-On-Feed report mildly bearish for
futures on Monday.
    The report unexpectedly showed more cattle entered feedlots
last month than a year earlier.             
    CME feeder cattle closed sharply higher, led by
short-covering, technical buying and live cattle future's
rebound.
    March         feeders ended 2.800 cents higher at 146.725
cents.

    WEAKER HOG FUTURES    
    CME lean hogs settled weaker for a second straight day as
plentiful supplies further weighed on cash prices.
    February lean hog futures        were down 0.200 cent at
72.275 cents per pound. Most-active April hogs        were 0.025
cent lower at 73.800.

 (Reporting by Mark Weinraub; Editing by Leslie Adler)
  
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