Cattle futures jump on technicals, China beef hopes

Chicago Mercantile Exchange live cattle futures jumped about 2 percent on Friday, gaining on technical buying and hopes that China could soon boost imports of U.S. beef, traders and analysts said. Feeder cattle futures surged 3 percent, rising by their daily trading limit of 4.500 cents late in the session in a rebound from declines earlier this week. The lower prices made it profitable for feedlots to buy cattle for fattening, prompting buying. Read more at Drovers CattleNetwork…