CHICAGO — Live cattle futures rose sharply on the Chicago Mercantile Exchange Thursday, surprising observers by posting contract highs in most deliveries.
On other markets, Treasury bond futures ended mixed after a volatile day; soybeans advanced while grains fell; precious metals and oil were lower.
Live cattle futures were mixed throughout much of the session, but a unexpectedly firm cash market helped lift them in the afternoon, said Charlie Richardson, an analyst in Denver with Lind-Waldock.
"I think most people had expected it to be slightly softer as we approached the weekend," he said. "Instead, (the cash market) was steady to a dollar higher at noon, and that encouraged additional buying."