Livestock Futures Prices Up
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Livestock and meat futures prices advanced strongly Tuesday, pursuing the trail left by a vigorous rally in the cash market.
The live cattle contract for delivery in April settled at 62.37 cents a pound, 1 1/2 cents higher--the limit move for a day’s trading on the Chicago Mercantile Exchange.
“The strength in the cash cattle market was the main factor in sending futures prices higher,” said Philip Stanley, an analyst in Chicago with Thomson McKinnon Securities.
“In general,” he said, “cash cattle has rallied about $2 (per hundred pounds) in the last few days. This is an explosive rally.”
He said cash prices are advancing because packers are rebuilding inventories of live cattle and because wholesale carcass and box beef markets are trading higher.
“The overall tone for the futures and cash markets is strong,” Stanley said. “Some people are looking for profit taking now, but I think it is going higher.”
Among the precious metals, as has been common in recent days, platinum futures took the lead first advancing and then settling lower.
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