By Kelsey Gee 
 

CHICAGO--U.S. cattle futures are slightly higher Friday, as investors lift their bets on prices falling further, after trading in a wide, volatile range this week.

February live-cattle futures picked up 0.15 cent, or 0.1%, to $1.30275 a pound on the Chicago Mercantile Exchange. Cattle futures for April rose 0.175 cent to $1.2970 a pound. Feeder-cattle futures for March advanced 1.125 cents to $1.51375 a pound.

Signs of sluggish buying interest for livestock and beef sent futures to their lowest levels in three weeks Thursday, pressured by a dip in prices producers fetched in the cash markets. Beef packers paid anywhere from $1.29 to $1.34 a pound for live cattle this week, which, while lower than last week's sales, is slightly higher on average than the current value of live-cattle futures.

"We're getting a little buying interest from hedge-lifting or short-covering because of the cash trade," said Brian Hoops, president of Midwest Market Solutions Inc., a commodity-market advisory and brokerage firm in Springfield, Mo. "It's unlikely you'll find a lot of sellers with this discount to cash" prices.

Market participants are also keeping an eye on the global stock markets for signs of demand for pricey beef, as the two have moved together in recent weeks. Analysts contend that signs of slower economic growth in the U.S. and abroad will encourage stronger demand for cheaper proteins, like pork and poultry.

Hog futures are also narrowly rising, as the front-month contract nears expiration. February hog futures, in the final trading session in that contract's lifetime, rose 0.35 cent to 65.875 cents a pound. April hogs advanced 0.925 cent to 70.375 cents a pound.

Write to Kelsey Gee at kelsey.gee@wsj.com

(END) Dow Jones Newswires

February 12, 2016 12:17 ET (17:17 GMT)