Cattle Futures - Cattle Complex Surge; Hogs Mixed
US - Chicago Mercantile Exchange live cattle futures closed higher on fund buying, short covering and midday boxed beef firmness thatfueled late-session June/August bull spreads.Meanwhile, lean hogs finished mixed and bellies lower on the day.
Warmed-over buying and front-months' oversold Relative Strength Index chartsfloated live cattle up after the opening bell. Futures never looked back aftertripping buy stops and picking up fund support along the way.
Also, several market participants settled accounts on Thursday as theyprepare for extended Independence Day holiday vacations.
Speculative longs received an added dose of encouragement from softer ChicagoBoard of Trade corn. And, another positive influence came in the form of middaychoice and select boxed beef values that were quoted up $0.11 and $0.37 perhundredweight that snapped an extended streak of lower prices.
Source: FXSTREET