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Technical buying boosts cattle futures

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Chicago Mercantile Exchange live and feeder cattle futures were sharply higher, with support from the higher midday boxed beef and technical buying. That helped offset bearish expectations for Friday’s Cattle on Feed report and the light, but sharply lower, direct business during the session. December live was $1.92 higher at $177.77 and February was up $1.90 at $178.77. January feeders were up $1.90 at $230.90 and March was $2.12 higher at $233.50.

Direct cash cattle markets were mostly quiet.

Technical buying boosts cattle futures