December live cattle (LEZ26) futures on Friday hit a nine-week high and for the week gained $1.30. November feeder cattle (GFX26) futures hit a three-month high Friday and for the week lost a nickel. The live cattle futures market saw technical buying to end the trading week, including a technically bullish weekly high close that sets the market up for some follow-through buying early this week. Feeder futures paused Friday. Near-term price uptrends are firmly in place on the daily bar charts, which have the cattle market bulls in technical control.
Modestly higher cash cattle trade late last week also supported buying interest in live cattle futures. The USDA at midday Friday reported moderately active cash cattle trading late last week, with steers averaging $222.37 and heifers $220.91. The agency reported average cash cattle trading the week prior at $220.14.
