LIVESTOCK-Cattle futures hit 6-1/2 week high on third day of gains
Mark Weinraub / Reuters††
May 18, 2020 / 3:56 PM
CHICAGO, May 18 (Reuters) - U.S. live cattle futures rose for the third day in a row on Monday, hitting their highest since April 1, with ongoing strength in the cash markets leading the way higher, traders said.
Hog contracts were lower, with the front-month contract sinking to its lowest since April 29.
The nearby CME June live cattle futures contract settled Monday up 1.725 cents at 98.725 cents per lb, while August live cattle ended up 1.025 cent at 98.850 cents per lb.
June live cattle futures faced technical resistance at the contractís 100-day moving average, a level it has not risen above since January 24.
Feeder cattle contracts also were stronger, with the August contract rising 1.475 cents to 132.55 cents per lb.
CME June lean hogs eased 0.225 cent to 57.650 cents per lb and the July contract ended down 0.1 cent at 57.650 cents per lb.
New Hope Group, one of Chinaís biggest pig breeders, expects...