Your advertisement is not yet loaded. However, your article continues below.
CHICAGO — Chicago Mercantile Exchange live cattle futures closed lower on Monday, hit by profit-taking and technical selling after the benchmark December contract hit a one-month high on Friday, traders said.
A stronger close in corn futures pushed feeder cattle futures lower.
CME December live cattle futures settled down 0. 550 cent at 130. 425 per pound. The January most active contract for feeder cattle was 1. 975 cents to end at 159. 550 cents per pound.
“Live cattle futures ran into chart-related selling today, taking back a bit of last week’s solid gains,” Arlan Suderman, StoneX chief commodities economist, wrote in a client note. The 50- and 100-day moving averages for the CME December live cattle contract have converged near 131 cents, creating overhead resistance.