Chicago Mercantile Exchange live cattle futures rose Tuesday amid technical buying, while lean pork contracts closed higher on technical recovery and short covering after four days of declines.
However, both contracts ended the day near their session lows as support from early buyers waned.
Actively traded CME June live cattle futures ended 0.650 cent higher at 177.625 cents a pound. The benchmark contract encountered technical resistance at the 50-day moving average near 178.975 but maintained underlying chart support at the 100-day moving average.
August feeder cattle rose 1,550 cents to 254.425 cents a pound.
Lean pork futures posted strong gains early in the day but closed only slightly higher as uncertainty over consumer demand for the meat grew as the summer meat season approaches in the United States, weighing on prices.
June Lean Hogs on the CME hit a high of 100.550 cents per pound but rose just 0.150 cents to 98.325 cents per pound, holding above technical support at the 100-day moving average. The day before, the benchmark contract fell to 97.825 cents per pound, its lowest level since February 21.
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