By Ilan Brat 

CHICAGO--U.S lean-hog futures closed higher, with the front-month contract notching a fresh multi-week high. Cattle futures also climbed.

Hog futures gained, with the front-month December contract at the highest closing price since Nov. 3. Indications in recent weeks that cash prices may be stabilizing after steep declines this year bolstered futures on Wednesday. A large increase in hog production has weighed on futures prices in recent months, coming as farmers take advantage of the lowest prices for feed commodities in years. But this month, the declines in cash prices have been slowing, and some analysts say hog production may soon peak. Thin trading volume ahead of the Thanksgiving holiday may have also contributed to the upward swing in prices, analysts said.

Still, with the dollar trading at some of the strongest levels in years, concerns about pork-export demand remain, said Craig VanDyke, an analyst with Top Third Ag Marketing, an agricultural advisory firm in Chicago.

Lean-hog futures for December delivery settled up 1.575 cents, or 2.8%, at 58.8 cents a pound on the Chicago Mercantile Exchange.

Live-cattle futures also were higher, supported by small numbers of cattle traded in different parts of the country at prices that were steady with last week.

CME December live-cattle futures added 0.7 cent, or 0.5%, to $1.3095 a pound. Most-active February cattle futures were up 0.625 cent to $1.33125 a pound. Feeder-cattle futures for January were up 0.3 cent at $1.64975 a pound.

Write to Ilan Brat at ilan.brat@wsj.com

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(END) Dow Jones Newswires

November 25, 2015 15:14 ET (20:14 GMT)