Hog futures up on oversold signals

Hog futures up on oversold signals

Chicago Mercantile Exchange live and feeder cattle futures were higher ahead of the week’s widespread direct cash cattle business. The higher midday move for beef was a positive and feeders picked up additional support from the lower move in corn. February live was up $1.32 at $159.75 and April was $1.60 higher at $163.82.

Direct cash cattle markets were nearly at a standstill. The USDA reported very light trade at $154 on the live basis and $248 dressed, not enough to establish a trend.

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