Commodity funds looking for bargains jumped on depressed U.S. live cattle futures on Friday sending prices 1.3% higher and lifting benchmark February to a one-week high.

The fund buying added to early short covering and hedge lifting that developed after futures set contract lows in December and some deferred months during the week.

"They are thinking because of the way hogs rallied that cattle are undervalued," said Jim Clarkson. "There is still a group of people who want to put money to work in the cattle.

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