Live Cattle futures hit five-month high on fund buying.

Virginia McGathey reviews the latest price action in the livestock markets. Live Cattle futures hit a five-month high, driven by follow-through buying and money managers adding to long positions. Feeder Cattle futures also rallied to new recent highs, supported by an increasing slaughter pace despite the ongoing strike at the Greeley plant. Meanwhile, Lean Hog futures experienced a mixed session; although cutouts and the slaughter pace provided underlying strength, prices sold off to near unchanged after hitting intraday highs. Market participants continue to monitor slaughter rates and fund positioning for market direction.